When will Schedule K-3 be available through TurboTax? IRS has had form available for months.

[whoknows24]

Rereading your reply PatriciaV, are you saying that K3 will have the K3 form ready before April 15?

[snaz]

@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-significan... I see this, emphasis mine:

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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.

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[snaz]

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):

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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.

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@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.

[PatriciaV · Accepted solution]

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.

[wyohhkho]

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.

[whoknows24]

Good thinking.

My choice too.

[Daisydog723]

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

[whoknows24]

Thank you. That's good to know.

[webutler1]

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?

[BrandiLO1]

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?

[webutler1]

@BrandiLO1 

The error that I am receiving is 'Box 16 checkbox indicates this K-1 includes Schedule K-3 with foreign tax information.  Schedule K-3 will be available in a future release.'

I was hoping that a future release means in an update prior to filing day.  In ten years of using Turbotax I have never had this issue.

Can I print the returns that I generated with Turbotax and mail them in?

[JulieS]

Yes, you can print them, sign them and mail them in. 

Another alternative is to file an extension and wait until the K3 can be e-filed. 

Form 1065, Schedules K-2 and K-3 are scheduled to be ready for e-file on March 20, 2022.

Form 1120-S, Schedules K-2 and K-3 are scheduled to be ready for e-file Mid-June 2022.

Form 8865, Schedules K-2 and K-3 definitely won't be available for e-file until January 2023.

Please keep in mind these are estimated release dates and may be pushed farther out.

[janetleen]

what is the issue with K3 and when will it be available in TT

[davidtayar]

same

[HeatherPLO]

Please see the above posting by @JulieS on the availability dates and how to file this form.  

@janetleen

@davidtayar