I am not a tax professional or lawyer.
I have DBC, the 2022 K-1 references a K-3 is coming, and the "consult your tax professional" notice. The K-3 is supposed to be delivered by the end of June 2023. On the 2022 K-1, box 21 (Foreign taxes paid or accrued is blank).
I was curious what was done in 2021. The 2021 20 page K3 I received had all K3 data reported as US (gain, interest, other income..etc), and the US tied to what exactly was reported on the K-1. I have no idea why this fund completed a K-3 in 2021 when there was no foreign activity. Maybe the K-3 is completed to clearly show there's no foreign activity.
Not sure what else to do as you can't really go far in TT with a K-3 with no foreign data. Based on box 21 being blank on the K-1, I'm going to file 2022 and just ignore the K-3 entirely. If the 2022 K-3 form comes in reporting foreign income, I may amend.
If the K-3 is all US sourced, and, provided to investors anyways (IE not required), it would be nice if TurboTax investigated proper tax treatment and handled in the interview. Like maybe the first K-3 question, "Is all data on the K-3 form US sourced? Yes or No", and handled the reporting appropriately.
