TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

K-1, K-3

Forum|Forum|4 years ago
March 2, 2022
4 replies
45 views

I am in an investment club and we got a K3 this year attached to the K1. when preparing taxes using TurboTax Deluxe, I get a message -

Sch K-1 Wks-Partnerships (The 6000 Club): Box 16 checkbox indicates this K-1 includes Schedule K-3 with foreign tax information. Schedule K-3 will be available in a future release.

Is there an upgrade planned so that I can finish my 2021 taxes?

Thank You

Level 15

See the following thread:

https://ttlc.intuit.com/community/business-taxes/discussion/schedule-k-1-says-attached-k-3-but-not-received-yet-schedule-k-1-faq-says-i-don-t-have-to-attach-k-3/00/2486570

sjbo1Author

Level 2

it's unfortunate that there isn't any really good answers provided in the link/comments provided in reply to this question. as a TurboTax customer, it would be better if the software would allow you to bypass/correct the error message so that you can complete your taxes. Now I am left to wonder what I am to do. Since my K1 is supplied from my investment club, and K1 box 16 has the check mark in it, how do we proceed? do I just tell TurboTax that box 16 is unchecked? that doesn't seem totally correct. So what is the approach to take?

Level 15

Most forms K-2 and K-3 forms do not need to be filed this year.

The IRS announced on Tuesday February 15, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing.

This link provides more info on K-1 Box 16 Filing.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Level 2

On a parallel TT chat board re K-3, one member posted a practical answer .Uncheck box 16 and file. If need be

(my case) follow up with a 1040-x amendment to claim any foreign tax credit..I have the K-3 info but

unsure presently how to handle the filing etc. . The amendment can be filed once the confusion clears . .