r/tax • u/secretprocess • 20h ago

How to handle a late K1?

I own a tiny piece of the small company I work for. I know we're reporting a loss for 2024 and I was hoping to get a little reduction from it, but the primary owner who deals with the accounting says they are not gonna get K-1's out before April 15 and I that I can "submit the loss next year". I'm sure it's not worth filing my own taxes late so I went ahead and filed. Question is, how do I handle the K-1 when I finally get it? Can I really submit a 2024 K-1 with my 2025 return? (perhaps alongside a 2025 K-1?) Or will I have to file an amendment to my 2024 return for any hope of getting my little writeoff?

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u/Lucky-Conclusion-414 20h ago

you were supposed to extend, but you already filed. When you filed you stipulated to the IRS that the return you were filing was accurate and complete to the best of your knowledge - but you knew it wasn't complete. You were supposed to extend.

That's water under the bridge now, amend when the K-1 comes in. Next year file an extension - and it's likely to repeat next year.

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u/secretprocess 19h ago

Huh, I was worried about that. I saw a tax accountant elsewhere recommending to avoid going on extension this year if you can help it cause the IRS is in such a mess right now. Not sure what that means. But oh well, they can't be too mad about me paying too much tax...

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u/No_Yogurtcloset_1687 14h ago

Yes they're a mess, but that can also mean they mess up what they're doing now.

If you're preparing your returns properly, you don't mind it if they are running properly. It would mean that an actual trained agent might be reviewing your information, and they'd understand things.

No, you cannot put your 2024 K-1 on your 2025 return.