Question

I received a K-1 from USO (United States of Oil Fund). Box 16 is checked on the K-1. I received a letter from USO that the K-3 is not available until 08/2022.

Forum|Forum|4 years ago
March 26, 2022
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What steps do I need to take in Turbo tax right now? Do I need to file an amended return? The Ending capital account is only about $1.5 K.

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M

Mike9241

the IRS has waived k-3 reporting for 2021. the problem comes about if that k-3 reports foreign tax credits. there really isn't a way to claim those credits without the form. however, in many cases, there will be no FTC. your options are to file by 4/18/2022 and amend if there is FTC or file an extension and wait for the partnership to provide the k-3 info. To file now uncheck the k-3 box on the Turbotax k-1 form.