No announcement yet.

file taxes and amend OR file for extension?

  • Time
  • Show
Clear All
new posts

  • file taxes and amend OR file for extension?

    One of my K1's from a syndication will come in 4/15 or later this year. It's a pretty small investment ($25K) and will have a small overall impact on my taxes.

    As it stands I am owed about $35K refund from the IRS for 2022 due to excess withholdings.

    Does it make sense to file now and recoup the refund and amend my taxes after I get the K1 or file an extension?

    I don't have a good sense about how complicated it is amend taxes after they are filed. I do taxes myself on Turbo Tax.

  • #2
    You ought to extend and file in a few months. You don't need to pay anything with extension if you're owed a refund.

    General PSA: Don't be afraid to extend!
    Stephen L. Nelson, CPA, MS-tax, MBA-finance - Partner
    Nelson CPA PLLC | s[email protected]


    • #3
      Do it once and do it right is usually easiest.


      • #4
        WCICON24 EarlyBird
        Extend. For sure. Why wouldn’t you?

        But just for informational purposes, amending is very easy.

        And fix your withholding.