K-3

[gwmlwb]

Hello, I just received my K-1 (1065) from a Master Limited Partnership (MLP).  It says that the K-3 is attached but it is not attached and they said it will not be available till June.  I had this same issue in 2021, and I believe I just marked as did not receive a K-3 and never went back to amend.  There were no foreign sources so I assume I don't need to do anything further for 2021. 

For 2022, the same thing happened.  I think I will just uncheck the box and not worry about it again.

What are the drawbacks on this.  It is crap that they do not provide that document when they check the box that it is attached.

Please advise. 

[Mike9241]

did yu read the cover letter accompanying the k-1

it goes something like this

The Partnership will report items of international tax relevance to our partners on Schedule K-3. All of our income is effectively connected with a United States trade or business. A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. We do not expect to report either (1) any foreign
income taxes paid or accrued on Schedule K-1, Line 21 or (2) any foreign-derived intangible income. For information related to your share of the Partnership’s Gross Receipts and Gross Income please see the corresponding amounts on Schedule K-1, Line 20AG and 20AH5 respectively. The Schedule K-3 is not included in the enclosed tax package, but will be available online at www.taxpackagesupport.comNotwithstanding the aforementioned, to the extent our Schedule K-3 is applicable to your return filing needs, we encourage you to review the information contained on this form when available and refer to the appropriate federal laws and guidance or consult with your tax advisor

does your letter contain similar wording and is the foreign tax line on the k-1 zero, then unless you are a foreign unitholder there will be no reportable info for you 

[gwmlwb]

My Cover Letter says the following:

Schedule K-3 was new for tax year 2021 and is used to report items of international tax relevance. This schedule is not included in your tax package but may still include information needed to complete your tax returns. The tax year 2022 Schedule K-3 can be accessed online at www.taxpackagesupport.com/cvrpartners by June 30, 2023. We encourage you to review the information contained on this form when available and
refer to the appropriate federal laws and guidance or consult with your tax advisor.

UNLESS YOU NOTIFY US THROUGH WWW.TAXPACKAGESUPPORT.COM/CVRPARTNERS, THE TOLL-FREE CALL CENTER AT [phone number removed], OR IN WRITING THAT YOU WISH TO RECEIVE A PAPER COPY OF SCHEDULE K-3 BY MAIL, YOU ARE DEEMED TO CONSENT TO RECEIVE SCHEDULE K-3 PURSUANT TO THE FOLLOWING PROCEDURES: (1) YOU OR YOUR AUTHORIZED RETURN PREPARER MAY RETRIEVE A DIGITAL COPY OF YOUR SCHEDULE K-3 FROM WWW.TAXPACKAGESUPPORT.COM/CVRPARTNERS; (2) ALTERNATIVELY, YOU OR YOUR AUTHORIZED RETURN PREPARER CAN CALL THE TOLL-FREE CALL CENTER AT [phone number removed] AND REQUEST THAT A DIGITAL COPY OF THE SCHEDULE K-3 BE DELIVERED VIA EMAIL. IN ALL CASES, YOUR SCHEDULE K-3 WILL BE PROVIDED TO THE INTERNAL REVENUE SERVICE.

[PatriciaV]

You should try to access the K-3 using the link provided in the cover letter. If it's not available, then proceed to e-file your return. When you eventually gain access to the K-3, review the information to see if it will affect your taxable income and/or tax credits. If so, you can amend your return with good cause (late delivery of Schedule K-3). But your initial post implies it's unlikely that you'll need to amend.