Schedule K-1 and Schedule K-3 What do I do if Schedule K-3 is not released until June?

[Ciao4]

2024 is the first year I have a PTP, Publicly Traded Partnership.

I received the Schedule K-1 and Part III Box 16 is checked; Box 16 says Schedule K-3 is attached if checked.

However, Schedule K-3 will not be released until June.

Box 21 Foreign Taxes Paid or Accrued is blank.

I received a Distribution of $18 recorded in Box 19 with code A.

I also have a deferred payment of $6.

I will be filing a paper return.

Can someone please explain the correct way to do prepare my return and what to do with the Schedule K-3 when it is released?

Is there an exception in regards to the Schedule K-3 or anything you see in the information I provided?

I have not entered this information yet into TurboTax 2024, but I am reading discouraging posts from past years that TurboTax Premium desktop does not support this, to if done incorrectly I can be subject to a $10,000 fine, to file now by paper and then file an amended tax return after the Form K-3 is released, to file an extension, and lastly don't check Box 16 on the Schedule K-1.

Apparently, from what I have read for past year TurboTax that you will get errors and then people cannot finish their return if they want to e-file.

[MarilynG1]

It depends. If you believe Schedule K-3 will report sufficient income to affect your taxable income for the year, you may choose to request an extension of time to file. But if you believe the information from Schedule 3 won't apply to you or won't significantly change your taxable income, you may choose to file your return now and amend your return if necessary when the forms arrive.

In most cases, the foreign income reported on Schedule K-3 is either already reported on Schedule K-1 or only applies to partners with other foreign income and/or assets.

If you chose to file now, uncheck Box 14/16 from Schedule K-1 to clear any federal review issues in TurboTax.

Here's more info on Schedule K-3.

@Ciao4 

[Ciao4]

I got discouraged and went to an accountant. He did not fill out Form 8990.

But he did fill out Schedule 1, Schedule E and Form 8582.

Do you agree with this?

Some of my K-1 info

I do not have foreign taxes paid or accrued.

Box 1 $ -5 negative

Box 6a and 6b $2

Box 13K $2

Box 16 is checked

Box 20 A$2 N $8n V $-5

[DaveF1006]

In viewing the information listed here, Form 8990 isn't needed because it appears you didn't have investment interest expense. As far as your K-1 information goes, if the information recorded here is the same information as what was reported on your K-1, then this was correctly reported.

[Mike9241]

k-3 is the issue. With no foreign tax credit, it's possible even when you get it they'll be nothing to report.  Your choices are to file now and then if you get the K-3 with something to report, amned. Otherwise, your other option is to wait.