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.
