Yes you do. You will need to file them with your tax return. Steps are provided below.
Schedule K-3 is an extension of Schedule K-1 of Form 1065 or 1120-S. It’s generally used to report a partner’s or shareholder’s portion of the items reported on Schedule K-2. Partners or shareholders must include Schedule K-3 information on their tax returns if applicable.
Follow these steps to enter your K-3 in TurboTax:
- First, enter your Schedule K-1 by following these steps
- When you get to the screen Is box 16 checked on your K-1? (or 14 depending on your form), mark Yes
- Check if your Schedule K-3 has more than one type of foreign gross income in columns (b), (c), (d), or (e)
- If it does, you’ll have to enter additional Schedule K-1s for the same business
Please use this link for additional Information: How to enter Schedule K-3