My son received K-1, with dividends less than $20... Box 16 is checked and says K-3 will become available in July 2025. A few questions:
- What if I simply uncheck the 16 and done with this k-1? Risks? Penalty?
- Part I B, TT asks for Partnership's address. There are only US states to choose from, but the address on K-1 is Bermuda. What to do?
- Based on other K-1 related questions I read here, two K-1's needs to be filled out since there are two countries listed on K-1. Their dividends are $8 and $6 respectively. Do I really have to??
- The back side of K-1 has 'supplemental K-1 information", which includes "information that will be reported to you on Schedule K-3". However, the way the info is laid out is not same as how Turbo tax asks questions on K-3, so I can't use the 'supplemental K-1' to finish the k-3. Based on the TT's questions, K-3 seems to have more info than this 'supplemental K-1'. But I don't want to wait for K-3 to become available in July. Is there any guidance somewhere how to use this supplemental K-1 info to finish K-3 worksheet??
Thank you for your help.
