I received a Schedule K-1 that has Box 16 checked (K-3 is attached) no Sch K-3 attached and the Instit that sent the document says the K3 sch will be avail by Aug 31, 22.

Forum|Forum|4 years ago
April 16, 2022
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what do i do if i received a Schedule K-1 that has Box 16 checked (which means a schedule K-3 is attached) but there is no Schedule K-3 attached and the Institution that sent me the document says the K-3 schedule will be available by August 31, 22.

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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.

AliciaP1

If you did not receive the K-3 with your K-1, you can uncheck Box 16 and e-file although you may have to file an amendment when you do receive your K-3. If you do not wish to file an amendment, you will need to file an extension and then file your return when you receive your K-3.

If you received your K-3 and have entered the information, you will need to print and mail your full return in. When you have completed your return, TurboTax will prompt you to print your return after you have paid your fees.

K-3 information is not available for e-file yet per the IRS:

Schedules K-2 and K-3 will be available for MeF/XML filing in the following time frames. If you electronically file your return before the time frames, submit the schedules as separate PDF files attached to the return. Taxpayers will also be able to file their Schedules K-2 and K-3 via PDF attachments for the entire 2022 filing season.

Form 1065, Schedules K-2 and K-3 March 20, 2022

Form 1120-S, Schedules K-2 and K-3 Mid-June 2022

Form 8865, Schedules K-2 and K-3 January 2023

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BST69

Here we in 2023 and again this year, Box 16 is checked but the instructions say the K3 will not be out for months.

BrittanyS

The K-3 is used to report foreign income. If you know you will not receive foreign income or do not feel the K-3 applies to you, you can uncheck box 16. However, if you receive a K-3 later with foreign income, you must amend your return to include the income. If you are receiving the K-3 with foreign income, you should file for an extension and file the return once the K-3 is received. Remember that an extension gives additional time to file but not to pay your taxes. If you know a balance will be due, you must make an estimated payment to cover the tax to avoid penalties for not pre-paying tax.

@BST69

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