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Level 2

Question

K-1 with box 16 checked

Forum|Forum|4 years ago
April 6, 2022
7 replies
41 views

First timer here, trying to understand the K-1 with box 16 checked. It seems that the IRS has given some direction on these but it isn't clear. I won't actually get my K-3 until August and I see some people say that we don't need to file them this year. My K-1 has nothing in boxes 1-5 and 21 is also blank. It only has:

6a: 11

6b: 10

9a: 40

19 A: 83

20 A: 11

AG: 51

Is the K-3 something that I need to worry about? If not, do I say that box 16 isn't checked or should I say that it is checked and then enter 0's in the K-3 survey?

Thanks,

Brent

Level 15

The K-3 is actually a very detailed report which targets International partnerships. I think that it will not affect a lot of taxpayers and the ones it is targeting know they need to provide this information. From what you entered, it does not seem you will have to report anything (because the basic of the K-3 were included on prior K-1s just in less detail)- you can file now with the caveat to make sure you check as soon as you get a K-3. Most likely, by the time more are circulating, there will be more information here to help with specific questions.

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Level 2

OK thanks, this is a publicly traded partnership so not something I'm directly involved in.

To be clear, do I say that box 16 isn't checked or should I say that it is checked and then enter 0's in the K-3 survey?

Thanks Again,

Brent

Level 15

Either of those options will work. Just be prepared to amend the return if the K-3 does show up in August with information on it requiring an update.

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