K-1s with no K-3s included, even though the Box 16 is checked.

[Eyewriter]

How can I provide data purported to be on K-3 when there is no K-3 included in the tax package?

[PatriciaV]

It depends. For some taxpayers, the IRS has announced that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return. If your K-1 does not report foreign activities for Schedule K-3, you can uncheck the box (14 on 1120S, 16 for 1065) and e-file now. 

You have the option to uncheck the box, e-file now, and amend your return later. If you are not able to obtain Schedule K-3 from your investment, or at least confirm that it will not include foreign activities before the filing deadline of April 18, 2022,  you will need to choose one of the above options.

Your investment company may not have the final form. According to the IRS, these are the release dates for these forms, based on type of Business Entity. Even after the IRS form is released, it must be integrated into the software, which can take a few days.

Form 1120-S                     Mid-June 2022

Form 8865                        January 2023

For more info, see this IRS link.

[Mike9241]

most partnerships and S-corps did not send out the K-3 because the IRS had not finalized  it.  they checked the box to let you know it's coming. some not until 8/2022

the IRS has waived k-3 reporting for 2021. the problem comes about if that k-3 reports foreign tax credits. there really isn't a way to claim those credits without the form. however, in many cases, there will be no FTC. your options are to file by 4/18/2022 and amend if there is FTC or file an extension and wait for the partnership to provide the k-3 info. To file now uncheck the k-3 box on the Turbotax k-1 form.

[tspasova26]

Hi, I have the exact same question as above but for this year (i received my K-1s but K-3 will be out only in June). Can I still file by April 15, and what should I put when the box is ticked, but there is no attached K-3?

Thank you!

[DavidD66]

You can still file by April 15.  Chances are there won't be any information you need to report on the K-3.  If there is, you can file an amended return to include the information.