K-1 vent

annie1956February 25, 2011

This is a little venting about PNC here.

I get a little dividend from my great-grandfathers estate. Little being about $500 a year. Each year I have to wait for the k-1 from PNC to do my taxes. Each year it seems to get later and later. So today I called PNC Wealth Management since I still haven't received it and was told:

Well - 85% of them will be sent out March 15th, the others will be sent out April 15th.

Gee - I KNOW they aren't required to have them out by Jan 31st like the w-2's and 1099's but heck - when am I supposed to file my taxes if I don't get it in time?????

(And I DON'T want to file my return then have to file and amended).


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Oh that would drive me crazy. Especially if I was expecting a refund!

    Bookmark   February 25, 2011 at 9:51PM
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You know the amount of the dividend that you've already received, don't you? Why not just include that amount and then file. If the IRS questions, you'll have received the K-1 by the time of their questions. That's what I'd do.

    Bookmark   February 27, 2011 at 9:19AM
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It's not that easy - a k-1 is different. The whole amount received is not what they send me as being taxable depending on how well (or poorly) the trust did throughout the year. So I never know what to put in the box.
Years ago it was actually a loss.
So I just wait (and grumble)

    Bookmark   February 28, 2011 at 7:00PM
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You need to apply for an automatic extension of time to file your tax return. An extension will give you six more months to file your 1040.

Here is a link that might be useful: Extension of Time to File Your Tax Return

    Bookmark   March 2, 2011 at 9:20PM
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She specifically said
"(And I DON'T want to file my return then have to file and amended). "

    Bookmark   March 2, 2011 at 10:19PM
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Yes, and I specifically said she should file for an extension of time, which, of course, is completely different from filing an amended return.

If the OP doesn't get her K-1 until after April 15, she really has no choice but to file for an extension or file an amended return. It's not a question of whether she wants to do either one because she must do something. Failing to file her return (without first getting an extension) until after she gets the K-1 would subject her to a penalty for late filing.

Filing for an extension is much easier than amending and is what most people in her situtation actually do.

    Bookmark   March 3, 2011 at 1:15PM
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Question - can you get a penalty if you file late if you are getting a refund? I know I'm getting a refund - so if I wait it just wait it out and file it as soon as it comes in.

    Bookmark   March 3, 2011 at 2:26PM
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No penalty if you're due a refund. If you're sure you are (and it could be hard to tell without the K-1 but I assume you know your refund is more than enough to cover whatever might happen) then your best bet is to file when you actually get the K-1, whether it's before or after April 15. That's easier than filing and amending, but it will delay your refund.

I don't blame your for being upset with PNC. I've never understood why the IRS has that April 15 due date for the various types of K-1's. I used to administer a small family trust and I always sent out the K-1's well in advance of the due date.

    Bookmark   March 3, 2011 at 7:24PM
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Thanks FF - I'll just wait. I would actually love to pull the money from them & put it somewhere else because they are charging exhorbitant fees and we have no control over it. But I can't becuase there are 3 others involved and this trust is so strictly written that PNC has free reign to do what they want for another 20+ years.

    Bookmark   March 4, 2011 at 6:55PM
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My K-1 was late as well. I contacted my accountant a week or so ago to ask him about it. He said I could retrieve it online myself (or give him the password and he would do it for me). Didn't have to do either. It finally arrived in the mail on the 28th.

    Bookmark   March 5, 2011 at 3:16PM
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Anything can be transfered. Talk to the other 3 people and a good lawyer. Are the fees controled by state or federal laws? Just curious. We got stuck in something like that years ago and did get it changed. Good luck

    Bookmark   March 5, 2011 at 4:19PM
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Even if you file for an extension, you are obligated to pay what you do/may owe by April 15 in order to avoid penalty. If you are SURE that you will get a refund, that is not an issue--just an FYI for anyone else.

    Bookmark   March 7, 2011 at 10:05PM
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