My K-1 for trading UVXY, Box 16 is checked: K-3 is attached. My K-1 also: Sched K-3 will be available by Aug 31, 2022. TT wants K-3 info. How do I continue without K-3?

[barnabyf]

This is for trading the UVXY ETF. The full text of the K-1 note for Box 16 is "Schedule K-3 is not included in the enclosed tax package and will be available online at www.taxpackagesupport.com/proshares by August 31, 2022. We encourage you to review the information contained on this form when available and refer to the appropriate federal laws and guidance or consult with your tax advisor." Since I may not get the K-3 until Aug, how can I complete my taxes on time? Chicken and egg problem.

[Mike9241]

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 now 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.