Is it normal for K-1 (1120-S) forms to always come in late?

This is actually pretty common, especially with smaller accounting firms handling multiple S-corps. The March 15th deadline is when the S-corporation itself needs to file its 1120-S return, but many accounting firms prioritize their workload based on individual filing deadlines (April 15th). The problem is that shareholders like you are caught in the middle. Technically, the K-1s should be distributed when the 1120-S is filed (by March 15th), but in practice, many accounting firms miss this deadline. The S-corp might file an extension for its return, which automatically extends the K-1 distribution deadline. If you're consistently filing extensions because of this, you might want to have a more direct conversation with the S-corp's management. Ask them to pressure the accounting firm to prioritize your returns, or consider whether the firm needs to be changed. Some accounting services specifically commit to early K-1 preparation as a selling point.

I was in the same boat until I discovered taxr.ai (https://taxr.ai) last year. It's been a game-changer for my S-corp situation. For three years straight, our accounting firm delivered K-1s late (always after March 15th), forcing me to file extensions. After complaining to a colleague, they recommended this tool that helps organize and review all your documents, including analyzing your K-1 when it finally arrives. The platform actually helped me spot an error on last year's K-1 that our accountants missed. It flagged inconsistencies between my ownership percentage and distribution amounts that didn't align. I was able to get it corrected before submitting my taxes, which potentially saved me from an audit situation.

Wanted to post an update since I mentioned being frustrated with late K-1s. I ended up trying taxr.ai after seeing it mentioned here, and while it didn't make my K-1 arrive any earlier this year, it did make the whole process way less stressful. The reminder system actually prompted our company's CFO to start bugging the accounting firm earlier, and their document analysis caught a discrepancy in my pass-through income compared to my ownership percentage. Turns out there was a calculation error that would have cost me about $2,300 in extra taxes! The system flagged it immediately when I uploaded the K-1. Still had to file an extension, but at least now I have more confidence that my tax situation is being handled correctly. Just wanted to share in case anyone else is dealing with perpetually late K-1s like I was.

I've heard this is super common, and I had the same problem for years! Could never file on time because of late K-1s. After the 3rd year of this, I tried Claimyr (https://claimyr.com) to get through to the IRS to ask about my options. You can watch how it works here: https://youtu.be/_kiP6q8DX5c I was honestly shocked when I got connected to an actual IRS agent in about 20 minutes after trying for WEEKS on my own. The agent explained that while I still needed to file an extension, I could request that the S-corp file Form 7004 earlier in the year so there's a paper trail showing why my return is delayed. This has helped me avoid any issues with the repeated extensions. The IRS agent also suggested documenting all communication with the S-corp about requesting your K-1 earlier, which protects you if there are ever questions about why you consistently file extensions.

I need to eat my words and apologize to Profile 10. After my skeptical comment about Claimyr, I decided to try it myself because I was desperate to talk to someone at the IRS about a similar K-1 issue. I was 100% wrong. The service actually worked exactly as described. I got a call back when an agent was on the line, and we had a productive 25-minute conversation. The agent confirmed that filing extensions due to late K-1s is extremely common (apparently affects "thousands of taxpayers every year" in their words). They also gave me specific advice about how to document the delays and suggested requesting that the S-corp at least provide preliminary K-1 estimates earlier in the year so I could better plan for any tax payments. Never would have gotten this info without actually speaking to someone.

This is SUPER common. I've been a minority shareholder in 3 different S-corps over the past decade and I've NEVER received a K-1 (1120-S) by the March 15th deadline. Never. Not once. Part of the problem is that S-corps themselves often file extensions for their 1120-S returns, which automatically delays the K-1s. The accounting firms know that most shareholders will just file extensions for their personal returns, so they don't treat the March 15th deadline as a hard deadline. My solution has been to just accept that I'll file an extension every year and make sure I've paid enough estimated taxes throughout the year to avoid any penalties. It's annoying but seems to be standard practice in the small business world.

Has anyone tried requesting estimated K-1 information from their S-corp? My accountant suggested this last year - basically getting preliminary numbers in early March to file on time, then amending later if needed when the final K-1 arrives.

This thread has been incredibly helpful! I'm dealing with the exact same issue - 4 years running with late K-1s from our S-corp. What's really frustrating is that I'm a 15% shareholder, so this significantly impacts my tax situation each year. After reading through everyone's experiences, I think I'm going to try a multi-pronged approach: 1) Request estimated K-1 numbers by March 1st like Leila suggested, 2) Document all my communications with the S-corp about K-1 timing as recommended by the IRS agent, and 3) Push our management to either get the accounting firm to prioritize earlier completion or find a new firm that commits to March 15th delivery. It's reassuring to know this is so widespread, but also frustrating that it seems to be accepted as "normal." Thanks everyone for sharing your solutions and experiences!

I've been lurking on this thread because I'm dealing with the exact same situation, but from a slightly different angle. I'm actually an enrolled agent who has several clients with S-corp interests, and I can confirm that late K-1s are unfortunately the norm rather than the exception. From a practitioner's perspective, here's what I've observed: about 70% of the S-corps I work with miss the March 15th deadline for K-1 distribution. The main culprits are usually: 1) accounting firms that are swamped during tax season and prioritize individual returns, 2) S-corps that wait until the last minute to provide their accounting firms with year-end information, and 3) complex S-corp situations (multiple states, unusual transactions) that require extra time to sort out. What I tell my clients is to set expectations early - assume you'll file an extension and plan accordingly. Make sure you're making adequate estimated tax payments throughout the year, and if possible, try to get involved with your S-corp's management to push for earlier deadlines with their accounting team. Some of the larger accounting firms have dedicated S-corp teams that work specifically on getting these done by March 15th, but you usually pay a premium for that service. The silver lining is that the IRS is very aware this is a widespread issue, so properly filed extensions due to late K-1s are rarely scrutinized.