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Deductions & credits
most partnerships and S-corps did not send out the K-3 because the IRS had not finalized it. they checked the box to let you know it's coming. some not until 8/2022
the IRS has waived k-3 reporting for 2021. the problem comes about if that k-3 reports foreign tax credits. there really isn't a way to claim those credits without the form. however, in many cases, there will be no FTC. your options are to file by 4/18/2022 and amend if there is FTC or file an extension and wait for the partnership to provide the k-3 info. To file now uncheck the k-3 box on the Turbotax k-1 form.
‎April 1, 2022
8:31 PM