I received 'K3 Information' from an MLP/PTP with a note saying 'do not file'..I downloaded the K3 form (20 pages) and instructions (34 pages) from IRS.gov. The information document has section & line notes such that I can complete the IRS form.However, In TT when I go to 'Forms View' the K3 WS does not seem to match up (at least not in an obvious way). HELP!!One of the Help Center replies included a link (https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotaxbusiness_fed_windows_partnership.html) to a table of Forms Availability that showed K3 forms are supported in printed form. How do I do this?IRS says that for electronic filing, the K3 can be attached as a PDF. Can I do that? (Note that item #3 above is needed, first.)I am sure that we users would appreciate some information about your plans for handling the K3 forms.

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ewoldde

Question

Form 1065 K3

Forum|Forum|4 years ago
March 31, 2022
3 replies
0 views

I received 'K3 Information' from an MLP/PTP with a note saying 'do not file'..
I downloaded the K3 form (20 pages) and instructions (34 pages) from IRS.gov. The information document has section & line notes such that I can complete the IRS form.
However, In TT when I go to 'Forms View' the K3 WS does not seem to match up (at least not in an obvious way). HELP!!
One of the Help Center replies included a link (https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotaxbusiness_fed_windows_partnership.html) to a table of Forms Availability that showed K3 forms are supported in printed form. How do I do this?
IRS says that for electronic filing, the K3 can be attached as a PDF. Can I do that? (Note that item #3 above is needed, first.)
I am sure that we users would appreciate some information about your plans for handling the K3 forms.

PatriciaV

Employee

If you have a Form 1065 Schedule K-1 for the MLP/PTP, we recommend working through the K-1 interview in TurboTax to complete Schedule K-3. As you have seen, this is a complicated form and several sub-forms were implemented within TurboTax to assist in completing the entries. For this reason, the interview is both easier and more accurate.

With regard to other versions of Schedule K3: According to the IRS, these are the release dates for these forms, based on type of Business Entity. Even after the IRS form is released, it must be integrated into the software, which can take several days.

Form 1120-S Mid-June 2022

Form 8865 January 2023

For more info, see this IRS link.

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ewolddeAuthor

Thanks.

Apparently, at the time I entered the K1 information, the K3 dialog was not there.

I made a quick pass through it and found some of the items on the information sheet I received did not match--I think I need to complete the IRS K3 Form to complete it.

Two questions: 1) the K3 information shows two countries--how do I enter the second? 2) Will I need to complete the IRS PDF in order to file?