maxed_out41 wrote:

- quote -

It's just a fancy estimated payment. You aren't signing anything.

- quote -


Consult a professional tax preparer.

-Mark Bole

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On Apr 17, 8:10*am, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.netwrote:
- quote -

What is a K-1 form exactly for? I only made about $1000 or a little
more in a rinky-dink appointment setting company. Would this still
apply? The form looks like it would be for some kind of partnership?

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"maxed_out41" <netsurfer802[at]yahoo.com> wrote
- quote -




It's an estimate. A guess. It does have to be accurate based on the facts
you have at the time you prepare the extension.

So even if you are short and short by a very large margin, you can still
have a valid extension, meaning you won't get a late filing penalty but
you'll get hit with a late payment penalty, because the extension was
prepared using all available data at that time and was reasonable based on
that data.

Take an investment that you're waiting on the K-1 to file your return. In
past years it threw off about a grand in profits and you got about that much
in distributions. This year you got about a grand in distributions, so
there's no valid reason to think the profits from the soon-to-come K-1 would
be much different than in past years. So an extension gets filed. The K-1
comes showing $20k of profits and gains, which is way more than you
anticipated or had reason to suspect. Your extension would still be valid.






--
Paul A. Thomas, CPA
Athens, Georgia

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I had filled out an extension for my taxes and was not sure how
important it was to be accurate with it. Because I had estimitated
certain dollar amounts..how accurate does it need to be at.

Thanks in advacanced.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >