I need help I received a k1 form 1065 and when I’m filling it is asking for a k3 form, this form is not available until 8/22 anyone with similar problem? What can I do?

Forum|Forum|4 years ago
April 5, 2022
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I don’t know if I should file without the k1 form and amend when I receive the k3. Ask for an extension or file with k1 and risk to be rejected. Can anyone share some advice

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HelenC12

For some taxpayers, the IRS has announced that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return. If your K-1 does not report foreign activities for Schedule K-3, you can uncheck the box (14 on 1120S, 16 for 1065) and e-file now.

However, if your K-1 does report foreign activities, you are required to include Schedule K-3. You have the option to:

Uncheck the box, e-file now, and amend your return later.
Or, you can file an extension and check back later when the Schedule K-3 is available.

Please note that the issuance of a K2/K3 is not a Turbo Tax issue, it is a IRS issue. According to the IRS, these are the release dates for these forms, based on type of Business Entity. Even after the IRS form is released, it must be integrated into the software, which can take a few days.

Form 1065            March 20, 2022
Form 1120-S         Mid-June 2022
Form 8865             January 2023 For more info, see this IRS link.

Source: PatriciaV

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marshg246

The instructions with my K1 says the K3 will be provided by 31 July 2023. It is 24 August, and it is not ready and when I call and ask when it will be available their only answer is: "We don't have that information."

My extension runs out soon. I paid my estimated tax and padded it - the IRS owes me money.

]I no longer believe that I will receive a K3 and that if I do it will show no foreign involvement. The instructions also state: "All Trust income is derived from Oklahoma sources."

I'm confused about your "Foreign Actives" comment. The word foreign only exists on my K1 in box 21 and there is no amount there. Box G is Limited partner or other LLC. Box H1 is Domestic Partner