When will Schedule K-3 be Released

[PatriciaV]

Schedule K-2 and K-3 (1120S and 1065) are available in TurboTax Online, CD/Download, and Business versions for tax year 2022.

For a personal 1040 tax return, the entries for Schedule K-3 are triggered by checking the appropriate box during the Schedule K-1 interview.

In TurboTax Business, these schedules are created by reporting foreign partners, investments, income, or taxes.

@czcom

[Magdasr]

Fill out the Schedule K-3 Foreign Transactions Smart Worksheet below K-1 Item 16. It is embedded in the TT K-1.

There is no country code for US,  (Line A) which is irrelevant if you only have US values since you are only reporting foreign transactions, leave it blank. I zeroed out all amounts since I had no foreign values to put in anyway. These values flow to the K-3P Wks form. Ran a final review with no errors. Fulfilled filling out my K-3 and has no impact on taxes since there is no Foreign Transaction values. May not be the right way to do it but it works. I may be wearing an orange jumpsuit next year if you don't hear from me.

[robmob]

You shouldn't have to do that.  The TT form doesn't actually match the IRS 1065 document.  They call it Foreign Transactions and the IRS form shows "Schedule K-3 is attached if checked".

The form may be in 2022 Tax Year TT, but it does not work correctly.