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Level 2

Solved

K-2 and K-3 forms how is turbotax addressing this requirement

Forum|Forum|4 years ago
February 16, 2022
55 replies
449 views

No text available

Best answer by MinhT1

Most forms K-2 and K-3 forms do not need to be filed this year.

The IRS announced on Tuesday February 15, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing.

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.

MinhT1Answer

Alumni - Intuit

Most forms K-2 and K-3 forms do not need to be filed this year.

The IRS announced on Tuesday February 15, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing.

This is an extract of the IRS announcement:

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snackdog

Level 2

So my k-1 has box 16 checked -- because my investment club generated a k-3 form. Should I tell Turbo Tax that that box is not checked so I don't get an error during Smart Check?

PatriciaV

Alumni - Intuit

Yes, leave Box 16 unchecked since you are not required to report Schedule K-3 for the 2021 tax year. Be sure to retain all info sent with Schedule K-1 in case you need it in the future.

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Cactus Jake

Level 2

The IRS message of 15 Feb solved the issue for people in partnerships that don't have foreign income, but we who are in partnerships owning ADRs still need to include K-3s with our 1040 returns.

Currently, TurboTax Deluxe does not support K-3s. When will do so?

nrdlik99

Level 2

Since our partnership K-1 form has a "foreign taxes paid" entry, I believe we are required to file a K-3 form with our 2021 tax return. Since I have an electronic file of the K-3 form, is there a way I can add it or insert it into my current Tubotax Federal and State tax return files? If so I assume that I could file both my returns electronically rather than mail them??

Alan

DaveF1006

Alumni - Intuit

The issuance of a K2/K3 is not a Turbo Tax issue, it is a IRS issue. According to the IRS, this is the release dates for these forms depending your type of Business Entity.

Form 1065 March 20, 2022

Form 1120-S Mid-June 2022

Form 8865 January 2023

Please verify this at this IRS link.

@snackdog @dmcmahon1960 @nrdlik99

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Anonymous

I filed with mine unchecked 7 days ago and just got my refund today. I guess I'll follow this and see if I need to amend later.

nitadunn

Level 2

Which TurboTax allows for the K-2 & K-3 forms to be entered?

GeoffS

Level 2

None that I know of. It simply flags an error and says it will be addressed in a future issue. If the temporary fix is to uncheck box 16 on the K1 and file an amendment later in the year, then you would think TurboTax would have the sense to state this when it flags the error.

AliciaP1

Alumni - Intuit

You can reference my post from March 8th in this thread to see the release date information directly from the IRS.

@nitadunn

@GeoffS

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MW66071

Level 2

These forms are on the IRS web site. TurboTax should update the program.

Len Spinoso

Level 2

What do I do with K-3 info received?

jtapajna

Level 2

There is a new TT input screen for K-3 info

rbs01

Level 2

I have completed for Turbotax business 2022 desktop version form 1065, including the K-1 (checked box 16) and K-3s. When I try to e-file it says there is an error in K-1, and wants K-3 complete. However, K-3 is complete. If I try to print the forms, the K-3 does not print and is not visible in the forms to print. However, it is visible in the Forms view and is complete. I I try to print it page by page, the pages do not print properly.

I tried to reach someone at Turbotax and he seemed perplexed (it was not clear he even knew what the K-3 was), and hung up on me.

I could use some help.