When will Schedule K-3 be Released

[r2rk]

Schedule K-3 appears to be released for the MAC Turbo Tax as well but I think it contains errors.  Some of the columns referenced in Turbo Tax do not align with the column descriptions on the K-3 form.  I have columns with numbers where there is no place to enter them  in Turbo Tax.  

[JimmyHatesTaxes]

The update today did allow me to enter some K-3 information. 

Can anybody confirm if e-file now works too? 

Where can I find release notes to verify what was changed?

[Anonymous]

TT doesn't have release notes anymore. You have to guess what changed.

[David723]

I see the K-3 worksheet is now incorporated into the TT desktop windows version.  Can any tell where the following 4 items should be entered on the K-3 worksheet?  (ECI is Effectively Connected Income)

   Net Income (Loss) - ECI US Sourced

   Net Income (Loss) - ECI Foreign Sourced

   Net Income (Loss) - non-ECI US Sourced

   Net Income (Loss) - non-ECI Foreign Sourced

For now, I've enter them on the K-3 Line S.  Any ideas if they belong somewhere else?

[jeff7]

I only had info in Parts II and X. While TT asked for the info in Part II, it didn't ask about Part X.

As for e-filing, I haven't tried, but it appears it will work. 

Jeff

[Mike9241]

are you a non-resident alien? if not you've wasted your time this info only gets entered on form 1040-NR

[David723]

Correct. Right after I asked the question I found the irs definition of ECI realized it doesn’t apply to me. 

[David723]

Is the NON-ECI US or foreign sourced income listed treated any special way ?

[wasd]

@Anonymous ,

I am into the same situation and i have not yet filed the tax return. Did you already file the tax return? and if yes, was the return accepted?

[Anonymous]

@wasd Yes, accepted in about 10 minutes and received refund a week later

[rao_j]

Hi, the tuibotax is completed K-3 type in.  I traded a fund of partner (UNG) on stock market. I have a K-1 with box 16 checked. but I can't get K-3 from them. Do I need return some K-3 info? or I don't do it?  I  have  hold the UNG stock shortly, one month in 2021 tax year. I am not long term investor.

[birdietax]

Hi - I have to enter parts 1,2,3 and 10 from a K-3 but don't see where to do this in TT Deluxe Desktop (just updated). I do see a Schedule K-3 foreign transactions smart worksheet, but can't find the instructions on how to make entries from a K-3. Any help? Thanks

[rao_j]

If you check Form K-1 box16, you will find  K-3 entrance.

[birdietax]

Thanks - I did see a much shorter version of the k-3 pop up when I checked the box in line 16. Its called Schedule k-3 foreign transactions smart worksheet. But i have no idea how to fill it out since it is so different from the many many pages of the k3 I received.

[Gene357]

Keep in mind that the TurboTax K-3 appears to have a bug, especially if your K-3 has US based income:

Newly Added K-3 Has a Bug - Need Fixing 

So far no indication from TurboTax that they will fix the bug... they are hardly responding at all...