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The K-1 How deep must it go?

I received a K-1 from an LLC due to stock investment (if it's actually stock, I don't know). I had a CPA do my taxes last year for many reasons and there are several accompanying forms for the K-1... several. Importing the K-1 didn't seem to flesh out all those forms. It's hard to tell which ones I really need.  I then got a paper copy and filled out more details on some of the forms. Now, the only thing that is an 'issue' with TT, is Box  16 is checked, indicating a K-3 is attached but I don't see a K-3 with that paper copy. The K-3 is there in TT but it is all blank. I guess I need to call the company and ask about the K-3? Otherwise, how much to I trust TT to fill out all the appropriate forms? Thanks!

 

I need to dump this investment... it's way to complicated to file. LOL

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2 Replies
BrittanyS
Expert Alumni

The K-1 How deep must it go?

Does the K-1 have international transactions?  If it does, then yes you will want to contact the issuer and request the K-3.  If it does not, you can unselect the box and continue.  DianeW777 provided a great post about how to handle this situation:

 

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The K-1 How deep must it go?

Yes, Box 16 is checked but after further reading and calling them, the K-3 will not be available until Sept. Even so, she said not everyone will be affected in a way that requires filing the K-3, or refiling the return. I'm just going to leave it checked and see what happens down the road.

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