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
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.
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.