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
See the following thread:
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?
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.
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 . .