Where is the K-3 schedule?

[PatriciaV]

Schedule K-3 for your situation may not be released yet by the IRS.

However, 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. 

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.

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. Even after the IRS form is released, it must be integrated into the software, which can take a few days.

Form 1065                        March 20, 2022

Form 1120-S                     Mid-June 2022

Form 8865                        January 2023

For more info, see this IRS link. 

[Mike9241]

the partnership/s-corp/trust must issue the k-3 info which will be even later. some had said not until August (?). so your choices are to uncheck the k-3 box and file without the info, (when issued there may actually be nothing on the form that affects your return) and amend later if necessary or file for an extension.
however, it's on the k-3 that any foreign tax credit info will be reported.

[fred1986]

I have a client that has Box 16 checked and no K-3 provided (until maybe August). Line 21 of the K-1 is blank and there is nothing in Lines 20AG and 20AH5. The taxpayer is a domestic filer from NJ.

Do I really need to wait for the K-3 to file his return or can I simply uncheck Box 16 and file?

By unchecking Box 16, would the only downside be that the taxpayer wouldn't get any foreign tax credit, if any?

[fred1986]

I would appreciate a response from an Expert here . . .