K-3 info

[yofu1]

Received a K-1 with box 16 checked, stating there is a k-3 attached.  However, confirmed with the support staff that the K-3 for 2021 will not be issued until late Aug 2021.  Since the box 16 is checked, turbo tax requests to add info from k-3,  those blocks are in error, but I have no idea what they should be.  Please advise.

[DaveF1006 · Accepted solution]

Yes, follow the advice of super awesome Turbo Tax expert PatriciaV,  In her Turbo Tax post. in her post she suggests that "you have the option to e-file your 1040 return now and amend later in the year when the form is available. However, if this income relates to foreign assets, you will need to wait until Schedule K-3 is released and updated in TurboTax. You might check with your administrator or the supplemental statements that came with your K1 to see if this is foreign income. 

Otherwise, to allow your 2021 personal tax return to be e-filed without Schedule K-3, return to the Schedule K-1 entry for this investment. Uncheck the box for Box 14 and continue. This change should clear the Federal Review process and allow you to e-file.

Once you receive your refund, or are certain that your return has been accepted and processed by the IRS, you can check for TurboTax updates until Schedule K-3 has been released. At that point, you may amend your return". To amend:

1. Sign in to TurboTax. 
2. Scroll down to under Your tax returns & documents, 
3. Select Amend (change) 2021 return, 
4. Then Start amending my 2021 return. 
5. Then, select the reason you’re amending and follow the onscreen instructions.

@yofu1

[jyz66626]

Hi

My K1 line 16 is checked (K-3). On the K3 there is only US source. no foreign income or deduction. 

TT requires to choose : Name of country or U.S Possession. But there is no U.S in the drop down. If I use 'no applicable', TT will error out. 

Please advise

[AliciaP1]

If you do not have foreign income related to the K-1, you do not need to file your K-3.  You can uncheck box 16 and file your return without any details since you do not have any.

@jyz66626

[yofu1]

Please clarify.  I've confirmed that there is no foreign income/assets involved on these K-1s.  Do I still wait for the K-3 issue and amend the return.  If not, do I still need to enter K-1 info even TT state these K-1s made no change to my return?

[AliciaP1 · Accepted solution]

I would recommend entering your K-1 information to be thorough but do not mark box 16 and avoid reporting the K-3 since there is no foreign income or ownership.

@yofu1