K-1 with box 16 checked

[BrentV2]

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

[MaryK4]

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.

[BrentV2]

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

[RobertB4444]

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.

[BrentV2]

So that begs the question how I would know if there is information in the K-3 that requires an update.   What am I looking for there?

Thanks,

Brent

[JamesG1]

If you "uncheck" the box indicating that a K-3 is attached, once you receive the K-3 or information you would amend your tax return. 

You would follow these instructions to amend the tax return and enter the K-3 information that you receive in August from the preparer of the K-1.  The amended tax return would tell you whether there is additional information to file with the IRS.

[BrentV2]

Great, I'm real close to fully understanding this, thanks to everyone for the help!

You say, "The amended tax return would tell you whether there is additional information to file with the IRS."

Does that mean that if I get a K-3 in August that I would log back into TurboTax and click on something to amend my return.  At that point I would indicate that box 16 is checked and be prompted to enter information from the K-1.  Would TurboTax then use that information I entered to determine whether or not I need to submit the amended return?

Is that process correct or did I miss something?

Thanks a ton!

-Brent

[RobertB4444]

Nope.  You got it.  There's a button that will appear after you file that says "amend my return."