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Posted by Paul Thomas, CPA on February 29, 2008, 8:07 am
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> I and a partner each own 50% of an S-corp. Each year we each get
> assigned a K-1 statement to include with each of our personal 1040
> returns.
>
> We don't get along lately and our corporate tax return has taken a
> long time to be finished the past couple of years, and will likely be
> the same this year, thus holding up each of our 1040 personal returns.
>
> My question is: is it possible to file a 1040 on or before April 15,
> along with reporting my share of the income (dividends) from the
> corporation, and then forward the formal K-1 to the IRS at a later
> date? The bookkeeping is pretty straightforward and I know the dollar
> amount of what each of our 50% share will be, I just don't have the
> K-1 prepared because this will come later when I have meetings with
> the partner and an accountant prints out the corp's 1120 and its
> accompanying material such as the K-1s.
You wouldn't normally need to send off the K-1 with your return. So you
can, if you want, file your personal 1040 with the numbers you anticipate
should be on the K-1.
If any of the actual amounts on the K-1 end up being different, you can then
prepare an amended return to either get a few more bucks back, or to pay an
additional amount.
--
Paul A. Thomas, CPA
Athens, Georgia
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