When will Schedule K-3 be Released

[SARoach]

Great question. The IRS released the K-3 last month. Intuit wa happy to take my money, but not providing what is needed to use this product is just not right.

[hj74edtg]

In TT defense, the PDF version of the K3 was released, but the eFile K3 uses Modernized e-File (MeF)/Extensible Markup Language (XML) format, and that isn't going to be released y the IRS until March 20 for the 1065.

[xuanhungly1]

I have a Form 1065 that I filled with my K-1 and box 16 is checked that shows I had a K-3. When will TurboTax Premier Online support filing the K-3 portion online? 

[clhjr1]

How do I attach a PDF file to my electronically filed turbo tax return

[hj74edtg]

How do I attach a PDF file to my electronically filed turbo tax return

You obviously haven't read the thread...you can't do it.

[rick34]

my k1 has box 16 checked and keeps me from being able to complete

my taxes why?

can i just uncheck box 16 so i can get taxes done?

[Cynthiad66]

Since IRS is not requiring the form for 2021, we suggest that you uncheck the box and file your return. One question, is there anything recorded on the K3 such as a foreign tax credit? If so, you may wish to amend your return once the K3 is available in Turbo Tax to claim the credit.

Most forms K-2 and K-3 forms do not need to be filed this year. The IRS announced on Tuesday February 15, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing.

This is an extract of the IRS announcement:

@rick34

[David723]

Unless I’m reading and interpreting incorrectly, only partnerships without foreign activity and without foreign income don’t have to file the K-3 this year. For those of us that do have foreign income and taxes, we are required to file this year. There is no way to attach a pdf or write special notes with your online TT filing, so the guidance from TT is incomplete. If the IRS provides the electronic xml version to TT as scheduled around March 20, we should be able to file on time by April 18. Otherwise, we should request an IRS extension via TT and wait for the TT update. Many us of also are discovering that the partnerships we own won’t provide their K-3 information until August or September. I’m not blaming TT, but am considering selling all my interest in the partnerships this year. It has become complex and causes headaches. Good luck everyone. Dave. 

[hj74edtg]

Unless I’m reading and interpreting incorrectly

Everything you wrote is spot on.

[rsecor]

@AliciaP1 you said "Taxpayers will also be able to file their Schedules K-2 and K-3 via PDF attachments for the entire 2022 filing season.

Please provide instructions for attaching PDF files to an electronic TurboTax filing.

[davidtayar]

you can't uncheck it, unless you qualify for the exemption. is turbotax ever going to update its software to allow us to input the k-3 info?

[davidtayar]

you do need to enter the info unless you qualify for the exemption under the latest IRS release. Why turbotax isnt offering more clarity here is puzzling.

[davidtayar]

Also, why isn't TurboTax giving us a timeline? Deadline for personal taxes is coming up, yet TurboTax is mum. Not cool.

[wcnesta]

I have had the same problems with the K-1 Forms over the years and now another from is required K-3. I am tired of trying to figure these out and plan to sell all my Partnership stock this year, so I do not have to go through the tax hassle. I spend more time with these K-1 forms than on any other parts of my taxes. 

[Anonymous_]

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@wcnesta wrote:

.......plan to sell all my Partnership stock this year, so I do not have to go through the tax hassle.

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I agree; they are a nuisance. I refuse to make any investment where I will wind up getting a K-1.