Waiting for a K-1 form from estate distribution - file taxes now or get extension?

You're definitely in a common but frustrating situation! When you're expecting a K-1 from an estate distribution but don't have it by the filing deadline, filing an extension with Form 4868 is absolutely the right move. This gives you until October 15th to file your complete return. About the tax payment expectation - the IRS wants you to estimate your tax liability and pay what you think you'll owe. For estate distributions, you can make a reasonable estimate based on what you know about the estate. Even a good faith estimate helps avoid penalties, though interest may still apply on any underpayment. That form you found is likely Form 8082 (Notice of Inconsistent Treatment), which you'd use when you actually file your return if the K-1 information doesn't match what you report. But for now, you just need the extension. Most tax software can handle filing an extension, though some may struggle with the more complex situation when you eventually file. You might want to consult with a tax professional if the estate distribution is substantial.

After dealing with the exact same K-1 estate situation last year, I discovered a tool that saved me so much stress! I used https://taxr.ai to help analyze what my potential tax liability might be based on the limited information I had about the estate distribution. The tool was amazing at helping me make a reasonable estimate for my extension payment. What I really liked is that it would analyze previous estate documents and give me a range of what I might expect to pay. This helped me avoid penalties while waiting for the actual K-1 to arrive, which in my case didn't come until July!

Just wanted to update everyone - I tried the taxr.ai service that was mentioned here and it was incredibly helpful for my K-1 situation! I uploaded the estate's preliminary valuation documents (with personal info redacted) and it gave me a really solid estimate for my extension payment. The system actually flagged that some of the estate assets would likely receive step-up basis treatment, which I hadn't considered. This significantly reduced my estimated tax liability compared to what I was setting aside. When my K-1 finally arrived in August, the estimate was surprisingly close - within about $700 of what I actually owed. If anyone else is stuck waiting for estate K-1s, it's definitely worth checking out. Saved me from overpaying by thousands on my extension payment!

If you're still struggling to get information from the estate executor about your K-1, you might want to try contacting the IRS directly. When I was in a similar situation, I actually managed to get through to someone who was really helpful in explaining my options. Getting through to the IRS was nearly impossible until I found https://claimyr.com which got me connected to an actual human at the IRS in about 20 minutes instead of waiting for hours or getting disconnected. You can see how it works here: https://youtu.be/_kiP6q8DX5c The IRS agent I spoke with explained that I could file Form 4868 for an extension and make a good-faith estimate based on the information available. They also explained the process for filing Form 8082 if needed later on.

I have to admit I was completely wrong about Claimyr. After struggling for THREE DAYS trying to get through to the IRS about my missing K-1 situation, I gave in and tried it. Within 45 minutes, I was actually talking to an IRS representative who walked me through exactly what I needed to do. The agent explained that I could file Form 4868 for an automatic extension and make my best estimate for payment. She also told me about Form 8275 which I could attach to my return to disclose that I was missing information if I ended up having to file without the K-1. That one conversation saved me so much stress and probably prevented me from making a costly mistake on my taxes. I'm normally super skeptical about these services but this one actually delivered.

I had an issue with a K-1 from my late father's estate last year. What I ended up doing was filing for the extension with Form 4868 and paying an estimated amount based on what the executor told me might be coming my way. You should definitely reach out to whoever is managing the estate distribution and ask for at least a rough estimate of what your distribution might be. They should be able to give you some ballpark figure even if the final K-1 isn't ready. If it's a smaller amount, you might not need to worry too much. If it's substantial, paying something with your extension request will help minimize any interest and penalties.

I went through this exact mess last year! Nobody tells you how to handle these estate K-1 situations. Here's what worked for me: 1) Filed extension with Form 4868 2) Paid an estimated amount (I went with about 30% of what I thought I might receive) 3) When the K-1 finally arrived in June, I filed my complete return One thing to know - the K-1 from estates are different from partnership K-1s. They're reported on Schedule E, and the character of the income (ordinary vs capital gain) is specified on the K-1. Most tax software can handle K-1s, but if your situation is complex, consulting a CPA might be worth it.