Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Mar 16, 2025 11:36:33 AM

My 2024 K-1 from Cedar Fair has box 16 checked indicating that I need a K-3 from them. However, the K-3 wont be available until June. Do I need to file an extension?

0 3 676
3 Replies
Expert Alumni
Mar 17, 2025 3:34:48 PM

You should be able to get information from them on whether the K3 will represent significant income that could represent a change to your return.  If you can't get this information then you have two options - you can file the return and maybe have to amend it later after you receive the K3.  Or you can file an extension.

 

If your investment is significant then an amendment is a good idea.  If your investment is minimal then I would file the return and see what happens when you get the K3.  It may have no effect.

 

@rbmiller88 

Level 1
Mar 20, 2025 6:20:22 AM

Sounds like a good approach.  Will reach out to Cedar Fair today to determine the amounts of income involved.  Will follow up with anything interesting I learn.  Thanks for the follow up.

Level 1
Mar 28, 2025 1:12:39 PM

I heard back from Cedar fair and they told me that the checking of box 16 really didnt apply to most people, and that they basically suggested unchecking the box when filing.  They said it really only applied if you had foreign tax situations.  It turns out I had other issues due to a faulty import of the cedar fair tax file.  I had to re-enter manually, and that seemed to resolve most of the issues.  Thanks again for the suggestion.