Sch K-3 question

[PAGB]

Our Sch K-3 won't be available till the end of August and I've seen others also mention this

Is it possible for TurboTax to somehow allow us to relay this information to the IRS?

Like for instance we can attach a pdf or doc or something like this to let them know that we don't even

have our K-3 available to file?

I am asking this because the IRS says that if we make a good faith effort they won't penalize us

10. Will the IRS penalize taxpayers who exercise a good faith effort to comply with Schedules K-2 an...

• Taxpayers who make a good faith effort to comply with the new schedules for tax year 2021 will not be assessed a penalty, as described in IRS Notice 2021-39 PDF. According to the Notice, a filer will not be subject to penalties if it made a good faith effort to determine whether it must file a part and how to complete a part if it determines it must file.  The notice outlines some factors the IRS will take into account in determining if a partnership or S corporation made a good faith effort.

[Cynthiad66]

The IRS provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.

IRS Notice 2021-39 page 7 Good Faith Effort

[Mike9241]

so you don't run into e-file issues uncheck that k-3 box.

[PAGB]

@Mike9241 

Thank you, will do.

[PAGB]

@Cynthiad66 

Thank you very much.

Yes I've seen the link. However I do not know how to determine if the exception applies to me.

I even called the company that issued my K-1 and they weren't able to give me an answer as to if the exception applies to me. The only thing I was told  was that the vast majority will not be affected by the Sch K-3.

My guess is that they have checked the K-3 box across the board so they don't get in trouble with the IRS but we won't know for sure until August.

[Jarhead_68]

Thank you so much! For all the updates over the last four months, not one offered this advice during the input process, and I have been stuck trying to e-file due to TT insisting on K-3 data I don't have. What idiocy.