IRS Recommendations for Schedule K-3 for 2022?

[dushdhyani]

I am in a similar situation as this post. I have received a schedule K-1 for a futures commodities ETF (SOYB and TAGS) that I hold. Box 16 (Schedule K-3 is attached if checked) is checked but won't get the K-3 till June or later. I see that IRS had certain exceptions in 2021. Is there any update for how to navigate through this in 2022? I see here that there is an exemption recommendation saying

New exception to completing Schedule K-3.

Under a new exception, in certain cases, partnerships with no or limited foreign activity are not required to furnish Schedule K-3 to you for tax years beginning in 2022.

How do I find out if I am eligible for this exception? Schedule K-1 -> Part III -> Line 21 for "Foreign Taxes paid or accrued" is empty. Is that sufficient info for assuming exemption?

[AliciaP1]

You are not eligible for that exception - the issuer of your Schedule K-1 may be, but if they were you would have received a notice that they were filing for the exception not that your K-3 would be delayed.

I do not advise you to file the return without the K-3 information unless you are certain it will be blank.  The Foreign Taxes paid or accrued box being empty does not guarantee the K-3 will be blank.

If you have not filed the return and do not have key indicators to file your return without the K-3 I recommend filing for an extension and completing your return when you receive it.  If you have already filed, you should wait until you receive the K-3 and then amend your return. 

[dushdhyani]

Sounds good. Filing for an extension still requires upfront payment of the expected tax due. I can calculate that using TurboTax with or without the available K-1 information? I am inclined towards the former (after unchecking box 16 and proceeding) as it will help in minimizing any future penalties, if any. Thoughts?   

[RobertB4444]

Entering all of the information that you have currently should give you a pretty good approximation of the tax due.  That seems like a good way to go.

@dushdhyani