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April 7, 2022
Question

What do i do if the 2021 k-1 says the k-3 won't be available til summer?

  • April 7, 2022
  • 1 reply
  • 0 views
Do I need it? Do I amend return later?

1 reply

April 7, 2022

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.