Yes, whichever box on your Schedule K-1 relates to Schedule K-3 is the one to uncheck.
TurboTax forms availability is often limited by the IRS release date. In this case, we do not expect Schedule K-3 to be ready in time for the April 18, 2022, tax filing deadline.
The schedule is available currently.
I get the following message:
"You've done a great job starting your taxes early, but the IRS is still working on finishing up the Schedule K-3 for 2021. That means this area isn't quite ready yet.
Check back soon and we'll help you finish up.
Let's keep working on other parts of your return."
Please try logging completely out of the TurboTax website, then clear your browser's cache and delete cookies. A full or corrupted cache can keep TurboTax from functioning properly. If that doesn't work, try a different browser.
If you are still experiencing this issue, please reach out to TurboTax Customer Support for assistance.
What is the TurboTax phone number?
[Edited 02.19.22 | 8:58AM]
Thanks Michelle. Unfortunately clearing cache and cookies and three different browsers have all not resolved this issue. It appears someone else in the discussion groups has the exact same issue.
I will reach out to support, but seems to not be an isolated incident, possible a website issue with Self-Employed version?
Thanks,
Thomas
Please view the forms availability schedule here, to monitor when this will be available to file.
The IRS says that it is making the form available in the eFile format on 20 March 2022. The list provided says "unsupported" rather than a date to add. Is it going to be available after 20 March or will Turbotax not do an eFile format.
If no eFile format, is there a way to upload a PDF of a completed Schedule K-3 to my e-file return?
This year the IRS isn't requiring the K-3 form to be filed this year. Here is a thread one of our Tax Experts @PatriciaV discussed this issue.
And here is the IRS's explanation or providing relief for certain partnerships.
I am on TuboTax desktop and I too get the following message:
"You've done a great job starting your taxes early, but the IRS is still working on finishing up the Schedule K-3 for 2021. That means this area isn't quite ready yet.
Check back soon and we'll help you finish up.
Let's keep working on other parts of your return."
Even though the link provided says the K3 form is "available", it also says unsupported for efiling. Since the desktop TurboTax provides efiling, this means it is for practical purposes not availabe to those who have purchased the desktop TurboTax.
What to do?
The form in question is a new form and does need to be printed and mailed in, as it's unsupported for e-file at this time.
But before printing and mailing it I have to enter the info in TurboTax. Where do I enter the k3 info?
I need to enter the K3 data in TurboTax because if I do not TurboTac generates errors in the final Federal smart check. So it is not possible use TurboTax to e-file the rest of the return.
I have the same problem. TurboTax does not let me proceed past Smart Check. I am using TurboTax Deluxe on Mac.
Yes, Smart Check will not let you proceed because Schedule K-3 has been delayed in its release. Once the form is ready, you will be able to proceed past this point and e-file your return.
As a work-around, you have the option to e-file your 1040 return now and amend later in the year when the form is available.
To allow your 2021 personal tax return to be e-filed without Schedule K-3, return to the Schedule K-1 entry for this investment. Uncheck the box for Box 14 and continue. This change should clear the Federal Review process and allow you to e-file.
Once you receive your refund, or are certain that your return has been accepted and processed by the IRS, you can check for TurboTax updates until Schedule K-3 has been released. At that point, you may amend your return.
More info: How do I amend my 2021 return?
Thank you Patricia for a finally meaningful answer.
I figured out on my own that an amended return was the only work around - but it is not an ideal answer. Amended returns create additional attention from the IRS something nobody wants.
TurboTax needs to get its act together and fix this like other tax software have. Amended returns are not the answer.
Question:
When filing an amended return, it also has to be mailed in. So the advantage of efiling sold by TurboTax disappears. Might as well not bother paying for TurboTax.
Rereading your reply PatriciaV, are you saying that K3 will have the K3 form ready before April 15?
@whoknows24 I don't think this is TurboTax's fault. I'm far from what you would call an "expert", or even "competent" - but looking at this link here: https://www.ksmcpa.com/insights/irs-revises-instructions-for-new-schedules-k-2-and-k-3-to-significantly-expand-scope-of-who-must-file/ I see this, emphasis mine:
The IRS has announced that the new schedules will not be available to e-file until after the original filing deadlines. The IRS is targeting late March for e-filing partnership returns containing Schedules K-2 and K-3, and late June for e-filing such S corporation returns. We are awaiting updates from our tax return software provider for full functionality in preparation of Schedules K-2 and K-3.
Aha- I took a closer look at what I received regarding this investment, and it looks like that is in fact the case (again, emphasis mine):
Beginning in tax year 2021, the Partnership will report items of international tax relevance to our partners on new Schedule K-3. <skipping ahead...> Our Schedule K-3 will be available online in late summer 2022 and is not included in the enclosed tax package.
@PatriciaVregarding your answer, did you mean box 16? This is the one referring to K-3s, box 14 is Self-employment earnings. Thanks for your help.
Yes, whichever box on your Schedule K-1 relates to Schedule K-3 is the one to uncheck.
TurboTax forms availability is often limited by the IRS release date. In this case, we do not expect Schedule K-3 to be ready in time for the April 18, 2022, tax filing deadline.
Thank you PatriciaV ! You are greatly appreciated!
I am so happy to finally find a clear and meaningful answer to this issue. Since the forms will likely NOT be available in Turbotax by April 18, 2022, I am seeing three realistic options:
1. Give up the foreign tax credit (in my case) for now, and e-file by the due date. Then amend the return later in the year (or next year) in order to capture the refund of the foreign tax. This will be my choice.
2. Download K-3 from the IRS, struggle through the 34 pages of instructions and 20 pages of the actual form, and MAIL in my completed return. This choice looks awful. The instructions and the forms look awful. The website called "The Tax Advisor" strongly recommends NOT trying to do it yourself if you are not a tax professional.
3. File an extension, send the IRS the money that I think that I will owe them by April 18, and wait (hope) for it all to settle out, and file my tax forms in October. This might be a good option for folks who don't want to file an amended return. However, it is possible that this will not be all sorted out by the October due date.
I will choose option 1.
Electronic filing for amended returns has been available for at least a couple of years now. https://www.irs.gov/newsroom/now-available-irs-form-1040-x-electronic-filing
I have the downloaded version and appear to have a similar issue States that the K3 will be available in a future release Will I be able to complete my filing electronically?
Form K3 is unsupported to file electronically. However, you should be able to print and mail the return. Are you receiving any specific errors regarding the form K3 @webutler1?