Schedule K-3

Forum|Forum|4 years ago
April 2, 2022
2 replies
8 views

I got my K-1 from a patnership and they said schedule K-3 not available to Aug 2022. Yet turbo tax tells me i need info from K-3. How do I submit taxes before Aug?

AliciaP1

Level 13

The IRS has provided additional information in regards to the K-2 and K-3 forms filed by certain businesses for tax year 2021. Please see K-2 and K-3 FAQ for additional information.

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Mike9241

Level 15

the IRS has waived k-3 reporting for 2021. the problem comes about if that k-3 reports foreign tax credits. there really isn't a way to claim those credits without the form. however, in many cases, there will be no FTC. your options are to file by 4/18/2022 and amend if there is FTC or file an extension and wait for the partnership to provide the k-3 info. To file now uncheck the k-3 box on the Turbotax k-1 form.

Mike9241