Timing is uncertain. The IRS announced on February 16, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing, but they have not indicated how individual taxpayers should proceed.
This is an extract of the IRS announcement:
"The IRS intends to provide certain additional transition relief for this year from the Schedule K-2 and K-3 reporting for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without knowledge of partner or shareholder need for information on items of international relevance. For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules. We are taking this step in response to feedback we received from the tax community and our stakeholders. The IRS will provide full details of this relief soon."
You may choose to "uncheck" the box indicating that a K-3 is attached so you can file now but should you receive the K-3 or information you may need to amend your return.
See also this IRS FAQ.
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