Recieved K 1 box 13 has a code k

[jbad]

Recieved K 1 box 13 has a code k which turbo tax premier dosent suport for 8990?? the "other deductions" amount is 3. Please advise this is alot of detail for little money 

Also K-1 says K3 is attached but is not. according to Tax pkg will not be available until later this year ...What to do? fill an extension??

[PatriciaV]

It depends. If you believe Schedule K-3 will report sufficient income to affect your taxable income for the year, you may choose to request an extension of time to file. But if you believe the information from Schedule 3 won't apply to you or won't significantly change your taxable income, you may choose to file your return now and amend your return if necessary when the forms arrive.

In most cases, the foreign income reported on Schedule K-3 is either already reported on Schedule K-1 or only applies to partners with other foreign income and/or assets.

If you chose to file now, uncheck Box 14/16 from Schedule K-1 to clear any federal review issues in TurboTax.

As for Box 13 Code K, you are not required to report this deduction or include Form 8990 with your return. All deductions are optional. If you decide to ignore Form 8990, then enter nothing for Box 13 Code K (including the box code).