I have a K-1 Filing but I can't because TT says the K-3 attachment is not ready yet. When can I expect it to be avaiable?

[MaryK4]

Unfortunately, if you received your Schedule K-1 already, the you may not receive the K-3.  The IRS announced on February 15, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing, but they have not indicated how individual taxpayers should proceed.  

This is an extract of the IRS announcement:

"The IRS intends to provide certain additional transition relief for this year from the Schedule K-2 and K-3 reporting for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without knowledge of partner or shareholder need for information on items of international relevance. For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules. We are taking this step in response to feedback we received from the tax community and our stakeholders.  The IRS will provide full details of this relief soon."

[Ras1419]

How do I get around the Turbo Tax making the missing K-3 an error?

[MaryK4]

Other people "uncheck" the box indicating that a K-3 is attached so they can file now- but note: once you receive the K-3 or information you may need to amend your return.  

[hj74edtg]

I'm tired of reading the response that the IRS is giving a pass to K2/K3 this year for *most* people. If you have ANY foreign tax paid, you are not in that group the IRS is letting off the hook.

[raybeyond]

There is no value on “foreign taxes paid or accrued“ on my K1 form.  Does that mean I am qualified for the exception?  Hence, I do not need to file K3 for year 2021? Please advise.  Thanks in advance.

[hj74edtg]

You are probably covered under the exception, but the exact language is under FAQ 15 here:

[for some reason this stupid blog software mangles the link I'm am trying to provide from the IRS, you will need to edit this by hand deleting the spaces " " ]

www.irs.gov/businesses/schedules-k-2-and-k-3-frequently - asked - questions -forms-1065-1120s-and-8865

[collic]

I have the same situation with the "missing" K3 in TT.  I actually have an electronic copy of the K3.  How can I attach it to the return?  I also have a similar situation to one of the other respondents in that none of the income reported on my K1's is of foreign origin.

[hj74edtg]

How can I attach it to the return?

You can't.

[collic]

Thanks for confirming what I already suspected.

[helen3277]

Where can I find K-3 attachment online? IRS says it's supposed to be available by March 20, 2022, which is today.

[nblizard]

Some blogs suggest using FreefileUSA, it seems to work. TT will lose customers this way. Is it possible to attach the K3 form via PDF to the efiled tax return?

[nblizard]

How do you know from the K3 whether any foreign tax has been paid, and how do you get around the TT warning that the K3 is not yet supported?

[collic]

Box 21 on the K1 will indicate foreign taxes paid (or accrued).  

K3's cannot be attached to the return if you efile (or any other form for that matter).  TT probably not willing to pay $$ to enable that feature since so few users would utilize it and would open up a whole new host of security risks.

Options are:

1) Snail mail return with K3's included

2) Submit w/o K3's and hope IRS never notices or does not care.  They are critically understaffed at this moment in time.

[Tx Cowboy]

TT needs to resolve this for us as we pay for your software to file our returns. Box 16 of my K-1 form is checked and I don't want to uncheck it on TT when I file my returns.