Late documents from a financial institution?

[dbarta]

My wife and I just got a letter from a financial institution that we should wait on our taxes because they were in the process of sending us a K-1 form. This letter came on March 30th of this year and we had sent in our taxes over a month earlier. It is my understanding that financial institutions have to send out all of their tax forms by February 18, 2009 this year. As of April 14, 2009 we still have not received this form from the financial institution and tax deadline day is tomorrow. This seems very unfair and unethical to do. Is there anything we can do legally about this? Thank you!

 

[Michael Wechsler]

Why not obtain an extension?

 

[dbarta]

I understand that we could file an extension, but, to inform us so late and we still do not have the forms as of 4/27, why should we have to bend over backwards for their error? Is there not a law of some sort that says that the financial institution has to have all forms to you on a certain date? Now we will have to pay the extra accounting fees for their error? I guess to me it doesn't seem fair or right to us?

 

[FlaRiptide]

This letter came on March 30th of this year and we had sent in our taxes over a month earlier.

Was there a substantial difference between what you filed and what the K-1 indicated?

You are not required to attach a K-1 to your return, thus if you filed a close estimate of your k-1 profit then you should be fine.

If you had not included the K-1 activity, then I question why you filed without inquiring about the missing K-1.