When will Schedule K-3 be Released

[dave1109]

/////WHEN DOES IRS EXPECT TO HAVE K-3 FORM?

[AliciaP1]

Per the IRS:

Schedules K-2 and K-3 will be available for MeF/XML filing in the following time frames.  If you electronically file your return before the time frames, submit the schedules as separate PDF files attached to the return.   Taxpayers will also be able to file their Schedules K-2 and K-3 via PDF attachments for the entire 2022 filing season.

Form 1065, Schedules K-2 and K-3             March 20, 2022

Form 1120-S, Schedules K-2 and K-3          Mid-June 2022

Form 8865, Schedules K-2 and K-3              January 2023

@dave1109

[David723]

I do see the IRS K-3 1065 availability date, but can you be specific on an availability date for the TurboTax desktop version update which has the 1065 K-3 form?

[PatriciaV]

Unfortunately, we are unable to provide a specific date for the TurboTax release of Form 1065 Schedule K-3. As you can see from @AliciaP1's post, this form will not be available to our programmers until March 22, 2022, at the earliest. But there is no guarantee the IRS will meet that deadline. We suggest you periodically update your TurboTax installation after that date, and check to see if Schedule K-3 has been added.

[7336]

When will form K-3 be released. Simple straight answer please

[David723]

The IRS website already shows the 2021 1065 K-3 form and it's downloadable as a pdf file.  This might mean your programmers have the ability to incorporate the IRS form into the TurboTax desktop software now.  Are you able to contact your programming managers about this?  I see a lot of people asking your for help with updating the software.

[AliciaP1]

Per the IRS:

Schedules K-2 and K-3 will be available for MeF/XML filing in the following time frames.  If you electronically file your return before the time frames, submit the schedules as separate PDF files attached to the return.   Taxpayers will also be able to file their Schedules K-2 and K-3 via PDF attachments for the entire 2022 filing season.

Form 1065, Schedules K-2 and K-3               March 20, 2022

Form 1120-S, Schedules K-2 and K-3            Mid-June 2022

Form 8865, Schedules K-2 and K-3                January 2023

@7336

@David723

[manbeing]

One stock I traded in 2021 mailed me the 1065 form, and schedule-K3 box was checked.

Since Schedule K-3 is new this year and not available right now, IRS says as long as the partnership has no foreign income tax paid / foreign income, it is okay to file tax return without Schedule-K this year.

My question is the foreign income tax/income defined here is related to the partnership of the stock I traded , right?

I will file joint returning with my wife. She had some foreign tax paid from her 1099-DIV (on her name) which was nothing related to the stock/partnership I was involved in.

I quoted IRS rules here:

The IRS is providing an additional exception for tax year 2021 to filing the Schedules K-2 and K-3 for certain domestic partnerships and S corporations. To qualify for this exception, the following must be met:

• • In tax year 2021, the direct partners in the domestic partnership are not foreign partnerships, foreign corporations, foreign individuals, foreign estates or foreign trusts. 
  • In tax year 2021, the domestic partnership or S corporation has no foreign activity, including foreign taxes paid or accrued or ownership of assets that generate, have generated or may reasonably expected to generate foreign source income (see section 1.861-9(g)(3)).

[Anonymous]

"We suggest you periodically update your TurboTax installation after that date, and check to see if Schedule K-3 has been added."

And here I am again pointing out that the absence of Turbo Tax Release Notes is ridiculous. Just another example why they are needed.

[L_E_L]

When doing the review of my return, it says Schedule K-3 for Partnership returns isn't available yet and will be available in a future release.  It was released late by the IRS but it has, indeed, been available for a while now.  Why hasn't TurboTax updated its program to handle K-3 entries?  I can't finish my return until they fix this!

[TimHedrick]

Following this issue.  Regardless of the IRS' waiver to business entities to generate a schedule K-3 in TY 2021, some entities have chosen to issue them despite the waiver (like the partnership from which I have received one).   The IRS additionally has indicated if a taxpayer has received K-3 information more than 30 days prior to their required filing date, they must include the information as part of their tax return.  

Consequently, many of us have K-3 information (received >30 days prior to filing due date) that we are required to input into Turbotax prior to April 18th in order to complete our returns.  Turbotax needs an update to either allow us to enter this information, or an update to instruct us to deselect box 16 so that we can move forward with finalizing our returns prior to that date.  The current response within the program that the IRS is still finalizing the form (which is already available) is both inaccurate and largely unhelpful to users of the software.  

[magallagher]

Does TurboTax have the capability to include a PDF attachment of Form 1065 K-3 when filing electronically to the IRS?  

https://www.irs.gov/pub/irs-pdf/f1065sk3.pdf

Without a firm date for TurboTax Premier being updated to support a K-3, filing now electronically without the K-3 form data and then filing an amendment in August/September seems the least painful option. 

[tagteam]

---

@magallagher wrote:

Does TurboTax have the capability to include a PDF attachment of Form 1065 K-3 when filing electronically to the IRS?  

---

No, not as a separate attachment.

[hj74edtg]

TT does not have the ability to attach a PDF to the eFile.

[Bsquare]

So if that’s true, why are we still seeing the “check back later”message from TurboTax instead of “the info from schedule k-3 doesn’t need to be entered this year”?

I would like to file my return to receive my refund but won’t until TurboTax blesses it in review. As of today, it isn’t. How many days do I have to wait for this to be corrected?