K-1 and Filing early

I bought 200 shares in my company (S-Corp) and have yet to recieve my K-1 statemtn for 2001. I am due a sizeable return and want to know if it is ok to go ahead and file without the K-1 and then amend my retrun when I recieve the K-1.

We have estimated that my tax liability for my portion of the company profits 200 shares /750,000 issued shares is going to be less than $100. I am due a $6500 return. Can anyone advise me if this would be acceptable.

You could file, showing the estimated figure; however, if you do that, include a note telling the IRS that the amount is an estimate and that you will amend later when you get the final figure. However, I don’t know if the IRS will send you the refund immediately in that situation, or if it will wait to find out the correct amount. Furthermore, doing that might trigger a notice from the IRS to the S corp asking why they have not filed.