Tax - Accounting Questioning

I had to google it and I do not practice tax, but that is a schedule prepared by partnerships. Not that I ever did our taxes in my first marriage but I believe that was the exact reason we couldn't file our personal taxes until late March. The corporation had to prepare their taxes first so that we had that schedule to do our taxes. Oh, yeah, privately held corporation. My ex was family therefore a stockholder.

So yes, they have all the time they want to supply it. I remember years where I had to drive our return to the post office. It was also the reason the same person prepared the corporate and our personal taxes. Quicker that way.

Cheryl, that link you have says mid-March.

They are due by the end of January like any other form.

http://blog.turbotax.intuit.com/2013/04/11/k-1-form-basic...

You can also call the IRS or visit the IRS at http://www.irs.gov/

I can only answer this based on my own understanding; I'm not a CPA, but I'm a partner in an S-Corp. A 1065/K1 has to be filed by April 15 as far as I know. If you're a partner in a business (which should be the only reason you're receiving a K1 form), you should probably hold off on filing your taxes until you receive it. At this point you would probably need to file an amended return, but ask your CPA to be sure. Our CPA typically files an extension for us this time of year so we can deal with filing our 1065, and then we have the K1 for our personal taxes.

ETA: I got curious, so I poked around on the IRS website and found this: "Form 1065. This form is due on the 15th day of the 4th month after the end of the partnership's tax year. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1." Here's the link: http://www.irs.gov/publications/p509/ar02.html

So, bottom line is, the K1 is in fact due to you on 4/15.

S. - I work in a CPA firm. Many of our clients receive K-1s in June! They file for extension and pay estimated tax and then amend after receiving all K-1s.

Sorry - we agree, they are a pain!