tootsieroll
Junior Member
Joined: Feb 26, 2013 8:45:53 GMT -5
Posts: 222 
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Post by tootsieroll on Jan 7, 2014 14:19:15 GMT -5
My DH bought some stock in his company in 2012 and last year. Right after we filed our 2012 taxes, his work told him that they would give him an estimated K1 form but that he should file an extension to file in by September when they would give him the final K1 form. Of course we had already filed our federal and state for 2012. So we are planning on talking with our tax guy about exactly what to do, but I wanted to ask on here if anyone had experience with K1s. We think we would file an ammendment to our 2012 taxes to claim this extra income. But it is really negligible ($300 for 2012). It will be more for 2013. Should we file in April again this year or could we file an amendment for 2013 next year? I really don't want to wait until October to get our refund. Thoughts?
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Jan 7, 2014 14:49:24 GMT -5
you will need to file an amendment for 2012 and remit the tax + interest that will be due.
For 2013, if you file to claim a refund and then have to amend later you will pay the tax and interest and more than likely an extra fee to your tax guy.
IRS ties out K1s to tax return, so they will bill you (and maybe fine you too) if you do not report the income. |
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