Very late K1

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quickAL
quickAL Member ✭
edited July 2023 in Budgeting and Planning Tools (Windows)

I'm not sure this the best place to ask, but here goes:

I want to prepare my 2022 Taxes but am waiting on a K1 for which the company has filed a 6 month IRS extension, saying they will get us the K1s as soon as possible. The impact of this K1 is minor in my overall tax situation with only minimal income and some minor deductions.

Does anyone have any tips on what to do in this situation? Is it possible to file (in Quicken) without the K1 and make an adjustment later, or is that going to be more effort in the end?

Alternatively, given that the impact of the K1 is so small could I discontinue reporting the information from that company? They were late last year and may well be late again next year and I don't want to delay my taxes by 6 months every year if I don't have to.

I realize that they will still submit the K1 to the IRS and that this increases my risk of being audited but given that the amount involved is so small, hopefully the IRS have bigger fish to fry.

Thanks for any comments or suggestions including, if necessary, a better place to ask the questions!

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  • quickAL
    quickAL Member ✭
    Answer ✓
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    Thanks for this feedback.

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