When will TurboTax have the form ready to complete this part? Schedule K-1 Box 16 (Schedule K-3 is attached if checked) is checked.

[PatriciaV]

No date has been set for the TurboTax update. 

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.

Form 1065                        March 20, 2022

Form 1120-S                     Mid-June 2022

Form 8865                        January 2023

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.

For more info, see this IRS link.