When will Schedule K-3 be Released

[Bsquare]

The 2021 Schedule K-3 pdf is already on the IRS website. What gives with TurboTax incorporating it?

I’d like to file and receive my refund. 

[AliciaP1]

As I've posted in this thread previously, the IRS has not finalized the e-file authorization to attach the K-3 to your return.

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

[manbeing]

Could tax expert or turbotax employee in this thread  confirm that if the partnership is not involved in the foreign income or foreign income tax paid, we are not required to file K-3 schedule along with 1065 for 2021?

Source:

IRS webpage: https://www.irs.gov/newsroom/irs-provides-further-details-on-additional-relief-for-certain-partnersh...

Notice 2021-39: https://www.irs.gov/pub/irs-drop/n-21-39.pdf

[hj74edtg]

@ AliciaP1 Employee Tax Expert

Some of these things are confusing...please comment on this questions...

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

Does this mean TT will allow eFile after March 20 is you have K-2 or K-3?

If you electronically file your return before the time frames, submit the schedules as separate PDF files attached to the return.

TT does not allow PDF files to be attached. So, how is that at all relevant to TT eFile?

Taxpayers will also be able to file their Schedules K-2 and K-3 via PDF attachments for the entire 2022 filing season.

TT does not allow PDF files to be attached. So, how is that at all relevant to TT eFile?

[manbeing]

Let us forget these stuff.

As long as we are confirmed that K-3 is not required if no foreign income / foreign tax involved, we are fine to file our tax.  See my above post regarding the IRS notice and page information.

[manbeing]

@hj74edtg 

Let us forget these stuff.

As long as we are confirmed that K-3 is not required if no foreign income / foreign tax involved, we are fine to file our tax.  See my above post regarding the IRS notice and page information.

[hj74edtg]

Well...I can't forget it. I have some Foreign Tax paid and I need it.

And, I'd expect a great many people have the same. It doesn't take much to have a fund or ETF or stock that pays foreign taxes.

I do blame the IRS for not getting this out there earlier and not thinking though who actually needs the darn forms. Oh the other hand, that's why I buy the TT program in the first place.

Just to tell you how crazy this K-2/K-3 thing is...I've got a 1065 -- 10 partners in total -- that used to be like 20 pages that is now over 280 pages just due to these new requirements.

[manbeing]

@hj74edtg 

How do you know you have foreign tax paid?

Is that because there is some number on the Line 21 (Foreign taxes paid or accrued) on your K-1/1065 form?

Thanks!

[hj74edtg]

How do you know you have foreign tax paid?

Is that because there is some number on the Line 21 (Foreign taxes paid or accrued) on your K-1/1065 form?

Yes

[sbh1960]

So why would box 16 be checked but there is nothing in line 21? That does not make sense. That's whats on the k1 I have nothing in 21 but box 16 checked..........

[manbeing]

I have no ideas.

I am on the same boat. According to the CPA firm that the stock company uses, the K-3 schedule will be available by August, but I think there will be probably all 0s on the K-3 schedule.

[hj74edtg]

So why would box 16 be checked but there is nothing in line 21? That does not make sense. That's whats on the k1 I have nothing in 21 but box 16 checked..........

Not sure who this is a reply to, in my case I have 16 checked AND something in 21

[manbeing]

I received two 1065/K-1 for my 2021 stock trading. Two different companies. Both of them had box 16 checked but $0 on Line 21.

[Anonymous]

I also have Box 16 checked with $0 in box 21.  I have already received my refund after filing with the box unchecked.

[katchica99]

Yes, but if you are e-filing, there is no way to attach a PDF of the K-3 so that does not solve the problem.