Following this issue. Regardless of the IRS' waiver to business entities to generate a schedule K-3 in TY 2021, some entities have chosen to issue them despite the waiver (like the partnership from which I have received one). The IRS additionally has indicated if a taxpayer has received K-3 information more than 30 days prior to their required filing date, they must include the information as part of their tax return.
Consequently, many of us have K-3 information (received >30 days prior to filing due date) that we are required to input into Turbotax prior to April 18th in order to complete our returns. Turbotax needs an update to either allow us to enter this information, or an update to instruct us to deselect box 16 so that we can move forward with finalizing our returns prior to that date. The current response within the program that the IRS is still finalizing the form (which is already available) is both inaccurate and largely unhelpful to users of the software.
