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Schedule K-1 says attached K-3, but not received yet. Schedule K-1 FAQ says I don't have to attach K-3 to file my taxes. IRS says I do. Any advice?

Forum|Forum|4 years ago
February 16, 2022
6 replies
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My provider (Schedule K-1 FAQ) says K-3's are available by 8/31/2022 but that it's not required to be attached to my US federal return. I want to file now and not wait. IRS website says it's required to be attached if provided 30 days prior (3/16) to filing due date (4/15).

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Best answer by MinhT1

Most forms K-2 and K-3 forms do not need to be filed this year.

The IRS announced on Tuesday February 15, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing.

This is an extract of the IRS announcement:

The IRS intends to provide certain additional transition relief for this year from the Schedule K-2 and K-3 reporting for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without knowledge of partner or shareholder need for information on items of international relevance. For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules. We are taking this step in response to feedback we received from the tax community and our stakeholders. The IRS will provide full details of this relief soon.

M

MinhT1Answer

Most forms K-2 and K-3 forms do not need to be filed this year.

The IRS announced on Tuesday February 15, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing.

This is an extract of the IRS announcement:

The IRS intends to provide certain additional transition relief for this year from the Schedule K-2 and K-3 reporting for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without knowledge of partner or shareholder need for information on items of international relevance. For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules. We are taking this step in response to feedback we received from the tax community and our stakeholders. The IRS will provide full details of this relief soon.

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F

fulton610Author

Thanks. I intend to "uncheck" the box indicating that a K-3 is attached so I can file now and will add the K-3 to my files for 2022 return if and when it shows up.

W

wasd

@fulton610

I am into the same situation and i have not yet filed the tax return. Did you already file the tax return? and if yes, was the return accepted?

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fulton610Author

Yes, I filed, it was accepted and IRS paid out my refund already.

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Sunny007

Thanks.

Did you remove the K-3 indicator? Currently TT is giving me hard error and does not allow to go further.

D

dwenz

Mine is MMP as well. Since they are strictly domestic, I plan to uncheck the box and proceed with filing if possible. Fingers crossed.

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sardin3

I will be unchecking just like you did. Although I went on live chat and apparently filing an extension may be the "right" route.

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

@sardin3

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T

topchop

That answer if for last year, ie 2021 taxes filed in 2022. How about now? Same problem. What direction can TT or anyone provide? Thank you.

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DocNyr

Ok... I am doing taxes and find that my K-1 for Plains All American Pipeline has the dreaded box 16 checked.

From reading the posts here on this topic, I believe the advice is to:

(1) In turbotax, uncheck the box 16 is checked and print return to mail in.

(2) Include form 8082 together with the return when one files.

(3) Form 8082 has to be downloaded from IRS website.

My question is how do I fill in Form 8082???-

It is written in a language that is very hard to understand with lots of jargon/terminology that is very opaque. Can Turbotax experts chime in how to fill in the form to convey the correct situation to the IRS that K-3 was not sent with K-1, and that we will amend the return when we get the damned K-3 form.

Thanks so much.

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tarheel67

I have the same question, but for this year's filing. The K-1 Box 16 is checked saying Schedule K-3 is required and attached, but...no K-3. Where do I obtain the K-3?....thanks.....Steve

AliciaP1

If the box was checked but you did not receive the K-3, you should have received some communication from the issuer about the form. You need to contact the issuer if you did not receive anything else.

I do not advise you to file the return without the K-3 information unless you are certain it will be blank. The Foreign Taxes paid or accrued box being empty does not guarantee the K-3 will be blank or determine you will not be receiving one.

If you have not filed the return and do not have key indicators to file your return without the K-3 I recommend filing for an extension and completing your return when you receive it. If you have already filed, you should wait until you receive the K-3 and then amend your return.

@tarheel67

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