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QUESTION DETAIL
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I am the executor of a family trust in which one of the beneficiaries filed their tax return as opposed to an extension prior to receiving their K-1 form. Is there anyway to avoid a penalty for late payment of estimated taxes? Will they also have to amend their tax return?
ANSWER
Expert Mark Anderson's Answer:
They need to prepare an amended tax return. It may allow you to avoid penalties depending upon the situation. You are better off filing an amended tax return and paying the additional tax then having the IRS access a penalty and calculate the tax.
