Energy transfer partners K3

[Zagros]

In the tax year 2021, the ET is supposed to report a new Schedule K-3, in addition to Schedule K-1. In the K-1 report, box 16 is marked indicating that the K-3 report is attached. I downloaded Schedule K-1 from taxpackagesupport.com, but there is no information related to Schedule K-3 information anywhere on the 11 pages of Schedule K-1. I sent an email to the Energy Transfer IR department and requested more information, but have received no response. I appreciate any advice.

[AliciaP1]

The IRS has provided additional information in regards to the K-2 and K-3 forms filed by certain businesses for tax year 2021.  Please see K-2 and K-3 FAQ for additional information.

[Mike9241 · Accepted solution]

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.

[porrell]

I unchecked box 16 and the problem went away...thank you very much.

[afree2187]

Should I still submit my taxes without the k-3 box unchecked and amend later even though I have filed an extension or wait until the k-3 arrives (if ever)?