Question

Turbo Tax is asking for information on K-3 for Limited Partnerships. K-3's will not be available until August. What is the recommended action?

Forum|Forum|4 years ago
March 28, 2022
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TurboTax Premier Online

The IRS has waived K-3 reporting for 2021. There is a problem 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.

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