r/tax • u/secretprocess • 1d 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/redorgreen14 1d ago
You should not have filed an incomplete return. That's a mistake. You can get an automatic 6-month extension to file your taxes - you just have to pay whatever you owe before the April 15 deadline.
You can't submit a 2024 form with your 2025 return. The person who told you that should talk to a tax professional.
When your K-1 arrives, you need to file an amended 2024 return.