Schedule K-3

[cartat]

I have a Schedule K-1 (from United States Oil Fund LP). Box 16 is checked indicating I need to file a K-3. The K-3 will not be available until August 2022 (lag due to IRS changing its requirements and guidance). I do not want to file for an extension and wait around until August to complete my taxes.

Is it true that if I don't have an amount in Box 21: foreign taxes paid (it is empty, no entry, no zero, nothing) of my K-1, I can uncheck Box 16, file my taxes, and move on with my life? Or will this come back to haunt me later?

[Peace4All]

IRS is giving leniency for those who make a good faith attempt to complete the foreign reporting info.  Not sure how important it is to do so IF you have no foreign tax credit & no other foreign holdings to report.  It's a bit of a scramble this year, for sure. :(

[RobertB4444]

@cartat  Is any of your income from foreign sources?  Because you still need to file the K-3 if so.  If not then I would uncheck the box and move on.

[cartat]

Yes, I do have some foreign income from mutual finds through a different investment company. But, this Turbo Tax "error" is because this particular investment hasn't provided a K-3 yet (and won't until August because they need time after IRS did whatever they did). You're saying I need an "overall K-3" that covers all my income from all sources?? I'm new to K-3's...