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JScarlata
Returning Member

Enterprise K3

I learned from Tax Package Support that the 2022 Enterprise Products K3 will not be available until June.  Any thoughts as to filing now to get my refund and file an amended return when I finally receive the K3?  It appears that the 2021 K3 was delayed until August.  Thanks 

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3 Replies
JosephS1
Expert Alumni

Enterprise K3

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. 

 

However, if your K-1 does report foreign activities, you are required to include Schedule K-3. You have the option to uncheck the box, e-file now, and amend your return later. Or you can file an extension and check back later in the year to see if Schedule K-3 is available.

 

Please note that the issuance of a K2/K3 is not a Turbo Tax issue, it is an IRS issue.

 

What is K-3 on the tax return?

Schedule K-3 reports items of international tax relevance from the operation of a partnership. You must include this information on your tax or information returns, if applicable. See separate parts for specific instructions. You only need to use the schedules that are applicable to you.

 

IRS Instructions for Form K-3

 

@JScarlata 

 

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Enterprise K3

with the tax package came a cover letter which you did not read.

The Partnership will report items of international tax relevance to our partners on Schedule K-3. All of our income is effectively connected with a United States trade or business. A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. We do not expect to report either (1) any foreign income taxes paid or accrued on Schedule K-1, Line 21 or (2) any foreign-derived intangible income.

 

in other words, only foreign unitholders need to concern themselves with the lack of the k-3.  there will be nothing for iothers to report.

JScarlata
Returning Member

Enterprise K3

Mike

 

Thank you for your informative albeit somewhat sarcastic response and I wonder how you were able to discern that I did not read the cover letter.  I did note what you are referencing in the 5th paragraph of the K-1 package however, I still questioned why box 16 was checked stating that Schedule K-3 is attached for me a domestic unitholder.  Again, thank you for your response.

 

John

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