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?
