When will Schedule K-3 be Released

[Xorth]

The publicly traded partnership will not issue K-3s until August.  How can I e-file without this information

[Xorth]

It's not the IRS that sends the form.  It's the partnership that fills it out and sends it to you.

[Xorth]

I contacted my partnership's tax dept.  They said that their K-3s will not go out until August.  Really.

[Xorth]

Same here.  I called Turbotax expert, who told me to "call the IRS and get permission to file an extension."  Ridiculous.  

[Xorth]

Problem is that every K-1 that has Box 16 checked has foreign income and or tax.  We just have no idea what those numbers are until they send us the K3 (in August according to my partnership entity's tax dept.).  So what do we do to get the tax return filed?

[Xorth]

Problem is that if Box 16 is checked you do have foreign taxes and income.

[Xorth]

Our problem is that the partnerships need to fill out the k-3 and send it to us so that we can finish our tax returns.  They won't be coming until August.  What a mess!

[MarilynG]

Yes, you have a choice to uncheck Box 16 on your K-1,  file now and Amend later, or apply for an Extension.

 Per the IRS, For 2021, eligible passthrough entities with no foreign activities or foreign partners/shareholders and without knowledge of partner or shareholder need for information on items of international relevance will not have to file the new schedules. See news story.

Click this link for more detailed info on Schedule K-2 and K-3 you may find interesting. 

[rao_j]

thank you so much.

[ciambrose]

Having the same problem with the the labels for Part II Section 2 columns f & g.

In addition, I have more then 1 foreign country to report a K-3 for one partnership and am unable to enter more then 1 country on TT. There is a note saying I would have to input separate K-1s for each country, which sounds strange as the K-3 is for one partnership and therefore one K-1.

I tried to explain this to TT support on the phone but was told they could not help and I would need to upgrade my purchase to live in order to get this fixed. Doesn't seem right that I would need to pay them to help them fix the bugs in their system. 

[jeff7]

I haven't tried this recently, but it may work to enter "Various"  in Col A.

[ciambrose]

Thanks. That is an option. It defeats the purpose of reporting the detailed data to the IRS and reverts back to the generic reporting that I have done in years past with regards to foreign taxes. I could do so now and wait for TT to correct and file an amended return then. 

[leewilson4416]

My K-1 has box 16 checked... with only US sourced income reported on the K-3. Here's how I entered the info into Turbo Tax Premier Online and passed the review without any errors.

* Is box 16 checked on your K-1? [Yes]
* ...enter foreign country for which you are reporting foreign taxes paid or accrued. [(Not Applicable)]
* Enter gross income information. [my K-3 only has info in column A(US source) and G(total), but there is no entry block for A so only entered info for G. Since B-F are left empty it is implied that all of the total(G) is US Sourced.]

I hope this helps someone.

[PL1013]

I have multiple countries listed but TT only allows one country.  "Various" is not an option.  And even doing just one country, TT asks for information on certain Parts, Sections and lines of the Schedule that do not match what I received.  It seems like TT is working with a different form from mine.

[rolobo]

Just wanted to say thanks! 

TT is pretty disappointing here but nice that this is a viable workaround in this particular case. Just wish I didn't waste a few hours on this before trying changing zeroes to blanks.