Late K-1

<p>Wife just got a K1 statement as she is part of a family trust regarding property sold last year. its a depreciation of value and is over $100,00. Unfortunatly didnt know it was coming and already filed CCS and FAFSA and taxes will have to do an ammended tax return as I dont think we can keep it till next year's return. The ammended return will take time as its manually done so what do we do about fafsa and profile?</p>

<p>“I don’t think we can keep it till next year’s return.” Look at the top of the K-1…does it show the year as 2012? Assuming it is 2012, then you definitely cannot wait until next year.</p>

<p>BTW…consider yourself lucky…we don’t get some of our K-1’s until August or September! :)</p>