Just got K-1 after filing and getting refund.

[JustSomeGuyLost]

I just got my K-1 after filing - (I totally spaced that one of my holdings was a limited partnership.)

I already filed and got both my refunds without the K-1.

After entering the K-1 into my TT return, it did not change my refund for both federal and  state.

Also, there's a K-3 attached (Box 16 checked) that won't be out until August 22, 2022! according to the partnership.

Do I need to amend? In August?

[HelenC12]

No, you don't have to file an amended return if your Schedule K-1 doesn't change your refund for both federal and state. 

Regarding the K-3 and amending your return. It depends. For some taxpayers, the IRS has announced that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return. If your K-1 does not report foreign activities for Schedule K-3, you can uncheck the box (14 on 1120S, 16 for 1065) and e-file now. 

However, if your K-1 does report foreign activities, you are required to include Schedule K-3. You have the option to uncheck the box, e-file now, and amend your return later. Or you can file an extension and check back later in the year to see if Schedule K-3 is available. 

Please note that the issuance of a K2/K3 is not a Turbo Tax issue, it is a IRS issue. 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 a few days. 

Form 1065            March 20, 2022
Form 1120-S           Mid-June 2022
Form 8865             January 2023For more info, see this IRS link.

Source: PatriciaV

[JustSomeGuyLost]

Box 21 ( "Foreign taxes paid or accrued") shows nothing.

There is nothing else that shows foreign operations than  Boxes 16 and 21.

[LeonardS]

No, you do not have to file an amended return as the K-1 you just received did not affect your tax liability.  If Box 21 is blank then more than likely you will not have to file an amended return when you receive the K-3 in August.  "..Schedule K-3 reports a partner's distributive share of items of international tax relevance and is an extension of the Form 1065 Schedule K-1. " Ref: https://Schedules K-2 and K-3 Frequently Asked Questions (Forms 1065, 1120S, and 8865)

[JustSomeGuyLost]

Welp, We'll see if I get a nasty-gram from the IRS - one way or another.

[woolleyr]

So I don't have foreign sources on my K3.  I tried unchecking K1 box 16 in Turbo Tax and it won't let me uncheck.  Please help.