Solved

Are Schedule K-3 forms really not available until late in the year? (Tax Year 2021)

Forum|Forum|4 years ago
March 3, 2022
1 reply
0 views

I received a Schedule K-1 (Form 1065) which has a check box stating "Schedule K-3 is attached" but it's not attached. The K-1 instructions say the K-3 will be available by August 31, 2022. And when I enter the K-1 info into TurboTax, it says the IRS is still working on finishing up the Schedule K-3. Will I really need to wait 6 months to be able to complete my tax return?

TurboTax Premier Online

Best answer by PatriciaV

Most forms K-2 and K-3 forms do not need to be filed for the 2021 tax year. For that reason, you can uncheck Box 14 when entering your Schedule K-1. This should allow you to file your return on time. If you receive Schedule K-3 later this year, you always have the option of filing an amended return.

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.

PatriciaVAnswer

Employee

Most forms K-2 and K-3 forms do not need to be filed for the 2021 tax year. For that reason, you can uncheck Box 14 when entering your Schedule K-1. This should allow you to file your return on time. If you receive Schedule K-3 later this year, you always have the option of filing an amended return.

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.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

D

damTax

Did you mean to leave "Box 16" unchecked? Box 14 is "Self employment earnings" on my K1.

AliciaP1

Yes, there's a difference between the K-1s for different types of businesses. Our excellent Expert @PatriciaV just made a mistake in identifying the form in your original post. Her post is correct, but in your case, applies to Box 16.

@damTax

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"