Filed my taxes early but need an extension now because of late K-1

You're in a pretty common situation, actually! When you've already filed and then discover you're getting a K-1 later, you have a couple of options. First, you can't technically file an extension after you've already filed a return. Extensions are for delaying the filing itself, but you've already done that part. Your best approach is to wait for the K-1 to arrive, then file an amended return (Form 1040-X) when you have all the information. The good news is that the IRS generally allows you to file amended returns within 3 years of the original filing date. As for penalties - it depends on how much additional tax you end up owing. If the K-1 doesn't significantly change your tax liability, you might face minimal or no penalties. If there is substantial additional tax due, you could face a failure-to-pay penalty (usually 0.5% per month of the unpaid amount) plus interest. However, you may qualify for reasonable cause relief if you can demonstrate you didn't have the information needed to file accurately.

I was in almost exactly the same situation last year with a late K-1 from a partnership investment. After struggling with confusing advice online, I found taxr.ai (https://taxr.ai) which was super helpful. You upload your return and any docs you have, and their AI breaks everything down and gives personalized guidance. In my case, they showed me how to estimate my additional tax liability based on preliminary K-1 info from the partnership. I was able to make a payment before the deadline which saved me from most penalties, and then filed the amendment once I had the final K-1 in June. The whole process was way less stressful than I expected.

I tried taxr.ai after seeing the recommendation here, and it really helped with my similar situation! I had a late K-1 coming from an oil & gas investment, and had no idea how to estimate what I'd owe. The tool analyzed my already-filed return and gave me surprisingly precise guidance on what to expect based on preliminary distribution info from the partnership. What I liked most was getting clear explanations about which K-1 boxes would actually impact my return and by how much. Made an estimated payment before the deadline based on their guidance, and when I finally got the actual K-1 in May, I was only off by about $300. Way better than guessing on my own!

If you need to actually talk to the IRS about this situation (which might be smart), try Claimyr (https://claimyr.com). I've used it twice when I needed to get through to an actual IRS person. They somehow get you a callback from the IRS usually within a day instead of waiting on hold forever. There's a demo video showing how it works here: https://youtu.be/_kiP6q8DX5c I was in a similar position where I filed early then found out about additional income. An IRS agent walked me through exactly how to handle the amendment and what potential penalties I might face. They were surprisingly helpful and gave me options I didn't know about.

Ok I have to eat my words here. After my skeptical comment, I was desperate enough to try Claimyr since my tax situation with late K-1s is basically identical to the original poster. Not only did I get a call back from the IRS in about 5 hours, but the agent I spoke with was actually super helpful. She confirmed exactly what others have said here - I should make an estimated payment now based on whatever info I have about the K-1, then file an amended return once I have the final document. She also explained that if I make a good faith estimate now, I might qualify for penalty abatement when I explain the situation with my amendment. Honestly worth every penny just for the stress relief of not having to guess what to do.

This happens all the time with investment partnerships. If you can get ANY preliminary numbers from whoever is sending the K-1, even rough estimates, use those to calculate a payment to make before the deadline. I've been in this situation 3 years running with a real estate investment. One thing nobody mentioned: Document everything! Keep emails showing when you requested the K-1 info, any correspondence about when you'll receive it, etc. This documentation can help if you need to request penalty abatement for reasonable cause.

My accountant told me that if ur already filed taxes and then get a K-1 late, your kinda stuck. But it's not as bad as it sounds. Just wait for the final K-1, file a 1040-X to amend, and pay what u owe. The penalties aren't that bad usually. Last year I had to do this and ended up owing an extra $2,300 on my taxes. The penalties and interest only came to like $75 total because I filed the amendment within 2 months of the original deadline.