Want to file but don’t have Schedule K-3 yet until summer

[dreisign]

I have a schedule K-1 that has box 16 checked but my tax doc says Schedule K-3 won’t be available until summer. TT won’t let me file with box 16 checked and want to file now to get refund. Can I leave box 16 unchecked and then file an amendment when I receive it? What other options are there?

[MaryK4]

Yes, you can file your tax return now without the flow through foreign information and amend when you have the information.  Just remember, if any tax is owed, you may have incur penalty and interest if you do not pay by the April 18th deadline.

[dreisign]

Thank you! Understand. Can I tell if any taxes are owed from Schedule K-1, box 1? Without having Schedule K-3 available until summer, I won’t be able to know what’s on that form.

[PatriciaV]

Yes, TurboTax will include all taxable income reported on Schedule K-1 when calculating your tax liability, including Box 1.

Schedule K-3 is a tracking tool for the IRS that reports foreign income, which is already included in other boxes on the K-1. The calculations on this form can result in deduction limitations. But unless this is a foreign investment with significant foreign activity, whatever information is missing by not having Schedule K-3 should not greatly influence the taxes due on your return.

[kspies007]

I also don't have the form K3 (June???) so am good with ignoring it but how.  Should I uncheck the box that says there is an attached K3 or should I just not answer any of the TurboTax follow up questions related to the K3?  Thank you1

[Bill S2]

So, if every box in my K-1 shows 0 then no need to worry about the K-3?

[RobertB4444]

If every box on the K-1 is zero you don't need to worry about the K-1, let alone the K-3.

@Bill S2 

[kspies007]

My K1 has financial data in AND it has has the box checked for addendum K3.  The K3 isn't filed until June, so wondering what other folks do.  

[PatriciaV]

If you are aware of significant foreign income that may be reported on Schedule K-3 and would affect your tax liability, your best option is to request an extension of time to file (due April 15). This gives you until October to file your return.

Your other option (as previously mentioned) is to file now and amend later. If you decide to do this, uncheck the box for Schedule K-3. Otherwise, TurboTax expects you to complete the K-3 entries.

@kspies007