K-1 BOX16 checked, but without K-3

Forum|Forum|3 years ago
April 9, 2023
7 replies
36 views

Hello,

I traded stocks (ProShares UltraShort Bloomberg Natural Gas) in 2022 and received K-1 recently.

In the K-1, BOX-16 was checked, but without K-3. (The K-3 will be made available online by the end of June 2023).

My questions are :

1. how to fill out the tax return without K-3?

2. TT asks to provide details of BOX 13, code, W. Which I should select? In the instructions of K-1, it says Code W. other deductions, see page 12 of the IRS instructions.

3. Which should I select for the describe the partnership? The amount on L (ending captial account) is 0.

Thanks a lot

TurboTax Home & Biz Windows

PatriciaV

Level 15

1. It depends. You have the choice to file now and amend later or request an extension of time to file.

To file now, uncheck Box 16 and e-file. When you receive Schedule K-3 later, you can file an amended return if the information you receive changes your tax liability for the year.

If you choose to request an extension, you have until October to complete and file your return. Note that your best estimate of taxes due on your return must be paid by the original filing deadline (April 18, 2023, for tax year 2022 returns).

2. You will need more information about the amount for Box 13W before you can choose how/where to report this deduction. Instructions for Schedule K-1 (Form 1065) contains a long list of possible entries for this amount. If the K-1 doesn't include more info, you'll need to contact the partnership for better instructions.

3. If none of the statements apply to your ownership of the partnership, you may leave those boxes blank. The ending capital balance on the K-1 doesn't influence your answers on this page.

[edited 4/9/2023 | 8:29 am PDT to complete answer]

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question1231Author

Level 2

Which option would be better, an extension or filing now? I did not file any extension previously.

Thanks a lot.

AliciaP1

Alumni - Intuit

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.

@question1231

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