Question about Schedule K3 when Part-II and Part-III are missing

[silentself]

Hello, I received K1 and K3 from my previous employer which spun-off to a trust. In the K-3 I got, I see only Part-V and Part-X are attached. But TurboTax software relies only on Part-II and Part-III for filing K3 information. Does that mean I have nothing to add from my K-3 in my tax return?

[PatriciaV]

If possible, confirm with the company that sent you Schedule K3 that the missing pages were deliberately omitted from your K-1 package. With the IRS, it's rarely safe to assume anything.

[silentself]

First page of my K-3 form (Section E) indicates they were deliberately omitted since they were not applicable.

[Mike9241 · Accepted solution]

the IRS has waived k-3 reporting for 2021. the problem comes about if that k-3 reports foreign tax credits. there really isn't a way to claim those credits without the form. however, in many cases, there will be no FTC. your options are to file by 4/18/2022 and amend if there is FTC or file an extension and wait for the partnership to provide the k-3 info. To file now uncheck the k-3 box on the Turbotax k-1 form.