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EPD K-3 for 2022

Forum|Forum|3 years ago
April 15, 2023
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Hi,

Did anyone recieve a K-3 for 2022 tax year - from EPD?

My K-1 has box 6 checked inidcating a K-3 is "attached" but its not...

Thanks,

Best answer by AliciaP1

I'm assuming you mean box 16 is marked for a K-3. If you did not receive the K-3 or a letter stating it would be sent later, you need to contact the issuer of the K-1 to determine if you will actually be getting one. Partnerships that mark a K-3 is included are required to provide it, so if the issuer will not be sending you one, they need to issue a corrected K-1 to uncheck that box.

Until you know if you will receive one or not, you are stuck. You can estimate your tax liability by entering what you have of the K-1 and do not check box 16, and file an extension and send in a payment if you owe to ensure you do not miss the filing deadline.

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

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.

AliciaP1Answer

I'm assuming you mean box 16 is marked for a K-3. If you did not receive the K-3 or a letter stating it would be sent later, you need to contact the issuer of the K-1 to determine if you will actually be getting one. Partnerships that mark a K-3 is included are required to provide it, so if the issuer will not be sending you one, they need to issue a corrected K-1 to uncheck that box.

Until you know if you will receive one or not, you are stuck. You can estimate your tax liability by entering what you have of the K-1 and do not check box 16, and file an extension and send in a payment if you owe to ensure you do not miss the filing deadline.

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

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.

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M

Mike9241

you didn't read the EPD cover letter

The Partnership will report items of international tax relevance to our partners on Schedule K-3. All of our income is effectively connected with a United States trade or business. A limited number of unitholders need it....for their specific reporting requirements. .... The Schedule K-3 is not included in the enclosed tax package, but will be available online at www.taxpackagesupport.com/enterprise in July 2023. If prior to the availability of our Schedule K-3 you believe you need additional information with respect to this reporting requirement that is not reported in the enclosed tax package, please call 1-800-599-9985. .............

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can't guarantee about 2022 but based on 2021

here how I responded to a thread asking about a K-3 for a different PTP but EPD is mentioned at the end

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All of the following assumes you are a US citizen.
you mention ET
the K-3 has the following parts checked 1,2,3,4,9,10
PART:
1) other forms but they are not specified
2) all US income so there's nothing to report for form 1116
3) this is for apportionment and allocation of research and experimentation expenses for foreign tax limitation purposes, but ET reports no such tax, so this section is irrelevant
4) for preparation of form 8993 to determine section 250 deduction. but this only applies to domestic corporations and US individual shareholders of controlled foreign corporations making a section 962 election. IRC 962 election is an election to be taxed as a C corporation. Most taxpayers would not want to elect to be treated as a corporation and then become double taxed.
9 and 10) appear to be for foreign partners.

To sum it up it would seem the k-3 for ET is totally irrelevant for your US taxes. Turbotax can only report on section 2 when needed. if other sections apply to a taxpayer, they will have to enter the numbers directly on whatever form or schedule they apply to. Many of these forms are not covered in any version of Turbotax.

now for EPD
all that supplemental info on the k-1is irrelevant except for
20Z1 - you should get to a question about 199A income/ QBI as you go through entering the k-1 info.
20AH state depreciation adjustment - if needed you can get a state k-1 From EPD. when (?)

now for K-3
same as for ET with the following differences
Part
1) form 5471 is checked
5471 is for those US individuals who hold a 10% or more stake in a foreign corporation or who are an officer or director of a foreign corporation.

😎 only for US Corporations

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so if 2022 is like 2021 and you are a US citizen, there will be nothing reportable. thus your choice is to uncheck the k-3 box so you can e-file now or file an extension so you don't have to amend if needed.