Member I

Extend or Amend

I was planning on using my refund to buy a new car since my old one has about had it. The problem is I'm missing paperwork (a K-1) and I'm pretty sure I won't have it before May. I know I can file an extension, but I'd prefer to file with what I have now and amend the return later so I can get the cash ASAP. But that perjury statement above the 1040 signature line is holding me back since if I file now my return clearly won't list all the sources of income I received during the tax year. What should I do? 

1 Comment
TurboTax Specialist

Extend or Amend

You should file an extension since you are expecting another tax form. This extends your filing deadline to October 15.  Since it's an extension of time to file your paperwork and not an extension of time to pay any taxes you owe, you'll need to send payment (either by check or direct debit) along with it. You should have some idea of how much income will be reported on the K-1, so be sure to include it when figuring out how much money to send to the IRS (assuming you have a balance due and not a refund). You don't want to underestimate this payment because the IRS will charge interest on the difference until it is paid.

 

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