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Hi from just answer. I'm PDtax, and will assist.
Filing extensions are, unfortunately, standard operating procedure for pass through entities and their owners. Unless ownership pushes to get the returns done early, extensions are very common for pass throughs for several reasons.
One reason many partners don't think of was the original April 15th deadline for timely filing. With a crush of personal tax returns due at the same time, it often becomes a matter of doing what can be done by the deadline. In our practice, for example, anything in after April 1 is tiled up front to expect an extension. Partnership returns, with their added complexity and record keeping, take much longer to complete and deliver k-1s to partners before April 15th. Think out of state filings and mailings. Just a perspective from getting the return completed.
IRS does not increase your odds of audit if you file with an extension. All returns are subjected to the same audit scoring.
You might want to consider transferring your partnership interest to a separated entity that could file its own return, allowing you to file your 1040 timely.
Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.
Isolating the LLC interests like you have in an S means you likely file everything at once, near September 15th. My advice, suggesting you isolate one LLC and holding entity, needs to be revised fit your new facts.
Since you use an S corp fit multiple LLC interests, you are stuck waiting for all the k-1s. Consider instead converting your s corp to a C corp, which would isolate your w-2 and allow you to file personally by April 15 th. You might be surprised there could be a current tax savings as well.
Please rate my assistance with your question. I'm PDtax.