Still waiting for Schedule K-1 from Fundrise - Do I need to wait to file my taxes?

You definitely need to wait for your Schedule K-1 before filing. The K-1 reports your share of income, deductions, credits, etc. from a partnership, S corporation, or trust - in your case, from Fundrise. The IRS will receive a copy of this form too, so if you file without including this information, your return won't match their records. Unfortunately, it's common for K-1s to arrive late in tax season because the entities need to complete their own accounting before they can determine each investor's share. Mid-March is actually fairly typical for these forms.

I was in the same boat last year with my Fundrise K-1! It was my first time dealing with this type of investment and the waiting drove me crazy. After a lot of research and frustration, I found this service called taxr.ai (https://taxr.ai) that really helped me understand what I was dealing with. They have this really cool K-1 analyzer that explained exactly how the Fundrise investment would impact my taxes and gave me estimates of what to expect. The tool basically analyzed my previous tax docs and gave me a pretty accurate prediction of what my K-1 would likely contain based on my investment amount. It helped me decide whether waiting was worth it or if filing an amendment made more sense in my situation.

Just wanted to follow up about my experience with taxr.ai after our conversation. I decided to give it a try with my multiple K-1 situation and was honestly surprised. At first I was skeptical about how it could help without having my actual documents in hand, but it turned out to be super useful for planning purposes. The estimates were pretty close to what my actual K-1s ended up showing (within about 8% for my Fundrise one specifically). What I really liked was how it explained everything in normal human language instead of tax-speak. Definitely made the waiting game less stressful since I had a clearer picture of what I was dealing with.

If your main issue is getting your refund faster, I'd recommend looking into Claimyr (https://claimyr.com). I had to call the IRS about my K-1 situation last year and was getting nowhere - endless hold times and disconnections. Someone on this sub recommended Claimyr and it was a game changer. They basically get you to the front of the IRS phone queue instead of waiting on hold for hours. You can see how it works here: https://youtu.be/_kiP6q8DX5c I was able to talk directly with an IRS agent about my K-1 timing issues and they helped me understand my options. The agent actually told me about a specific procedure for handling late K-1s that nobody had mentioned before.

I'm eating my words about Claimyr. After posting that skeptical comment, I still needed help with my K-1 situation and was desperate enough to try anything. I used their service yesterday and holy crap, it actually worked. Got connected to an IRS agent in about 20 minutes after spending literal DAYS trying to get through on my own. The agent confirmed I could file Form 4868 for an automatic extension if my K-1 is coming late, which buys me until October. They also explained that if I'm expecting a refund, there's no penalty for filing the extension. Totally changed my strategy for dealing with my late K-1s.

Has anyone else had bad experiences with Fundrise K-1s specifically? This is my first year with them, and I'm shocked they can't get these documents out faster. Most of my other investment forms came weeks ago!

Why not just file for an extension? Form 4868 gives you until October to file. If you're getting a refund, there's no penalty for filing later. If you think you might owe, you still need to pay the estimated amount by the original deadline though.

I'm dealing with the exact same situation with my Fundrise K-1! This is my second year investing with them and last year I made the mistake of filing an amendment after getting my K-1 in late March. It was such a hassle and delayed my refund even more. This year I'm just going to bite the bullet and wait, even though I'm also expecting a decent refund. One thing that helped me last year was setting up direct deposit if you haven't already - once you do file, at least the refund comes faster than waiting for a check in the mail. The waiting is definitely frustrating, but from what I learned, it's better to be patient and file correctly the first time rather than deal with the amendment process. Hang in there!