k-3 not available until June

[Ronthelibrarian]

I received a k-1 for a stock I bought last year. The k-3 box is checked, but they won't make the k-3 available until "the end of June" according to the k-1.

Do I file for an extension?  Put in zeros and amend later? 

Thanks,

[MaryK4]

It is up to you how you want to handle this- since it is a new k-1 you may not have historical data.  You can file for the extension (but make sure you make any tax payment due by the April deadline) or file without it and amend later if needed.  In TurboTax, you should uncheck the box if you want to file it now.

[Mike9241]

is there a cover letter? it might tell you if there was foreign-sourced income. if none and you are a US citizen they'll be nothing to report when you get the k-3. so if this is your situation i would suggest unchecking the k-3 box - a must if you want to e-file. you could always amend it later if needed. it's unlikely your taxes would be higher.  if there is an amount on line 21, that is from foreign-sourced income so the k-3 will be needed. to e-file before you get the k-3 you would have to leave off the FTC and uncheck the k-3 box. yo could amend later to claim the FTC. it's your decision. 

[Ronthelibrarian]

Thank you!  I will uncheck it for now and see what comes in June.

[Ronthelibrarian]

Thank you! 

There is nothing in box 21.  I will uncheck it for now and see what comes in June.

[tebright1]

Same scenario for USO stock. How is this allowed? They K-1 references K-3 as if it is already made. Will have to amend aswell.

[MLNETWORKS]

The only way to finalize a return in TurboTax (without the K3) is to falsify the data by unchecking that Box 16 of the K1 is checked, otherwise the software will not let you proceed. This needs to be changed in the software to eliminate false reporting to the IRS. 

Also, these responses encouraging falsifying input data and amending the return later are interesting, in that Who is going to pay for filing the Amended return later? Not an Intuit concern but for a taxpayer, a wholly unacceptable combination of circumstances. 

[Ciao4]

Do I need to uncheck box 16 if I file by mail?

Then could I amend the return when the Schedule K-3 Arrives in June?

I will have a large refund.

Box 21 Foreign Taxes paid is blank.

Would I be subject to penalties if I don't file an extension?

[PatriciaV]

If you are planning to file by mail before receiving Schedule K-3, it won't matter if you uncheck Box 16. However, TurboTax may present a form error during Final Review because you didn't complete the K-3 interview. This only affects an e-filed return.

If you aren't comfortable leaving Box 16 unchecked, then your best option is to request an extension of time to file. You must still pay any taxes due by the original date of filing (April 15, 2025, for a 2024 return). If you're expecting a refund, it would be delayed until after you actually file your return.

Yes, you may be subject to penalties and interest if you fail to file by the deadline and have not requested an extension.

@Ciao4 

[Ciao4]

PatriciaV,

I am comfortable with unchecking box 16, MAIL my return by April 15th and if the K-3 changes things, I will file an amended return by mail. I am expecting a good refund. My K-1 does not show any Foreign taxes paid or accrued in 21, so I doubt K-3 will change anything. If I do have to file an amended return will I be subject to penalties since my original return had a refund?

[PatriciaV]

No, you should not have penalties if you file by the deadline. It's highly unlikely that Schedule K=3 will reverse a large refund and cause you to owe taxes. But if so, you'll only owe interest on the unpaid taxes from April 15 until you pay them. That's a worst-case scenario.