A K-1 is some sort of official statement filed with the IRS if you have an investment in a partnership. The problem with them is they always arrive so late, often long after you've been to your accountant. I had one of those limited partnerships that everyone got stuck with in the 1980s (since sold) and I used to fret over the late arrival of the K-1.
This past year, one of the stocks I own was bought by another company and I was given the choice of taking a buyout or letting it turn over to the new company. I remember some sort of explanation that it wouldn't be entirely stock, but I didn't pay much attention. I figured that the stock was doing well so I'll just stay with it. Plus, if you let it ride, you didn't have to do something which is always attractive to me.
My federal taxes were filed electronically yesterday -- and what arrives today? A K-1 from this company. What??
I can go from zero to catastrophe in about two seconds. I had myself audited, owing money, etc. all over this late-arriving K-1. I know... I can call my accountant. This is an improvement over my worrying about it for the next 12 months. This investment is in my Roth IRA so I thought I was OK.
Which I was.
I called my accountant, told him as briefly as I could what happened and he said, "And it's addressed to your Roth IRA?" and I said yes, and he said I can just ignore it. Whew. No refiling required.