When will Schedule K-3 be Released

[MZhun]

Good afternoon to whom this may concern,

I have a Form 1065 that I filled with my K-1 and box 16 is checked that shows I had a K-3. When will TurboTax Premier Online support filing the K-3 portion online? 

[tagteam]

That is a form related to a Form 1065.

See https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotaxbusiness_fed_windows_partne...

See also https://www.journalofaccountancy.com/news/2022/feb/irs-offers-further-k-2-k-3-relief.html

[MZhun]

Thank you for the reply,

So based on what I've read, it should be available on or after March 20, 2022 for TurboTax?

[tagteam]

Where did you read that? I am not finding a date.

[MZhun]

I read it on this one, 

https://www.irs.gov/e-file-providers/schedules-k-2-and-k-3-interim-electronic-filing-for-tax-year-20...

Based on what you mentioned, does that mean I do not need to file the Schedule K-3 even though the Box 16 in my K-1 I received is checked marked?

My concern is that every time I go to "Needs Review", it mentions this checkbox and that Schedule K-3 will be available in a future release. I don't want to uncheck because my K-1 has it checked,0

[Delojf07]

Also having the same issue

[PatriciaV]

Most Forms K-2 and K-3 forms do not need to be filed for the 2021 tax year.

The IRS announced on Tuesday February 15, 2022 that most K2/K3 reporting for 2021 can be delayed until the 2022 tax return filing.

This is an extract of the IRS announcement:

The IRS intends to provide certain additional transition relief for this year from the Schedule K-2 and K-3 reporting for certain domestic partnerships and S corporations with no foreign activities, foreign partners or shareholders, and without knowledge of partner or shareholder need for information on items of international relevance. For 2021, these qualifying domestic partnerships and S corporations will not have to file the new schedules. We are taking this step in response to feedback we received from the tax community and our stakeholders.  The IRS will provide full details of this relief soon.

[Cactus Jake]

Yes, the IRS suspended the requirement for K-3 for some taxpayers. But we who do have foreign income and don't fit the criteria for the suspension still need the capability to input K-3 data into TurboTax for individuals. 

So when will Inuit provide that functionality in TurboTax?

[Anonymous]

My K-1 is from USO and has this bit of info included:

Beginning in tax year 2021, items of international tax relevance are now provided by the Partnership on Schedule K-3. A limited number of unitholders (primarily foreign unitholders as well as certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. The IRS has recently provided additional Schedule K-3 guidance, and we will continue to monitor any future changes impacting our partners. Accordingly, the Schedule K-3 is not included in the enclosed tax package and will be available online at  www.taxpackagesupport.com/unitedstatescommodityfunds by August 31, 2022

[Ohioalpha228]

Should I uncheck the Box16 then or continue to wait for the new release even though there isn't foreign tax income on the schedule K-3? 

[DaveF1006]

Yes, uncheck the box and file your return. just one question, is there anything recorded on the K3 such as a foreign tax credit? If so, you may wish to amend your return once the K3 is available in Turbo Tax to claim the credit.

@Ohioalpha228

[Allen2021]

I have the same issue. When will the Turbo Tax include the function in the tx program?

[Allen2021]

So, I assume using will have to keep checking for updates around 3/20/2022 for the K1-K3 Schedule?

[PatriciaV]

@Allen2021

Yes, you may wish to check for updates (either online or in the desktop software) later in the year, or when you receive Schedule K-3 from your investment. In either case, you should wait to file an amended return until after you receive your refund or when you are certain your original return has been accepted and processed by the IRS.

[dave1109]

CAN I FILE EVEN THOUGH NO K-3 AVAILABLE?