Question

Refund due, but need to file extension, waiting for a K1

Forum|Forum|11 months ago
April 9, 2025
2 replies
0 views

Wondering about this.
I have done all my tax forms so far and am due back a $5000 refund...but I am still waiting on a single K1 form that should not impact taxes much.

What happens to the refund when I file the extension? Does the refund get processed or does it go on hold?

M

MinhT1

You're not required to file an extension if you're due a refund. However, make sure that the missing K-1 does not cause you to have taxes due.

If you filed an extension, your refund is not processed as the IRS does not have your return yet.

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A

aliegnerAuthor

Thank you.
I don't expect the K1 to swing the taxes due at all.

Is there a way to file it now and then update the return after I get the missing K1? that way I can get the refund now?

What about 'undoing' an already filed extension?

X

xmasbaby0

You do not need to "undo" a filed extension. You are not required to wait to file even if you have an extension. You can file the tax return whenever you have it ready to file. If you file without the K1 you will be filing an incorrect return and then you will have to amend later--a process that usually takes four months or more of processing time.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

X

xmasbaby0

If you will be getting a refund there is no penalty for filing after the April 15 deadline; you will just file when you have your forms ready and receive your refund when the return is processed. An extension gives you extra time to prepare your Form 1040 and helps you avoid a late payment penalty if you are going to owe--but if you owe, you need to pay your estimated tax due by 4-15-2025. In your situation, requesting an extension is optional since you expect a refund. You do not get your refund when you file an extension---the refund is issued after you file the Form 1040 and the IRS processes the return.

https://turbotax.intuit.com/irs-tax-extensions/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**