When will Schedule K-3 be Released

[OldBob38]

on my Schedule K1 it says that Schedule K3 is attached (bob 16 is checked).  It is not attached and I have a letter from mplx lp that Schedule k3 will be available in mid summer.  What should I do?  There isn't a lot of money involved .. would it be worthwhile to give up on foreign tax credit and just take the deduction for foreign taxes paid?

[ivorygao]

TT just has partial support on K-3. My information is on Part XIII and there is no entry for me. Just call the TT specialist and the answer is just deferring to next year with Box 16 checked. I don't think this is a good solution due to the inconsistency. Is there any suggestion? Can I paper file the printed PDF separately and how to achieve that? Thanks.

[AliciaP1]

If you did not receive the K-3 with your K-1, you can uncheck Box  16 and e-file although you may have to file an amendment when you do receive your K-3.  If you do not wish to file an amendment, you will need to file an extension and then file your return when you receive your K-3.

If you received your K-3 and have entered the information, you will need to print and mail your full return in.  When you have completed your return, TurboTax will prompt you to print your return after you have paid your fees.

K-3 information is not available for e-file yet per the IRS:

Schedules K-2 and K-3 will be available for MeF/XML filing in the following time frames.  If you electronically file your return before the time frames, submit the schedules as separate PDF files attached to the return.   Taxpayers will also be able to file their Schedules K-2 and K-3 via PDF attachments for the entire 2022 filing season.

Form 1065, Schedules K-2 and K-3                      March 20, 2022

Form 1120-S, Schedules K-2 and K-3                   Mid-June 2022

Form 8865, Schedules K-2 and K-3                       January 2023

@OldBob38

@ivorygao

[ivorygao]

Hi Alicia,

Thanks for your help on my question. I already received K-3 and it's later than March 20. It looks like I should go for paper filing anyway. I already paid and got the print copy. The issue I am still struggling may not be related to K-3, but I have 300+ pages of form 8949 stock transactions uploaded through TT. Is there any workaround? Either stick to eFile or avoid the 8949 paper attachments.

Thanks,

Ivory

[AliciaP1]

You are correct - it doesn't relate to your K-3!  Unfortunately, there is nothing you can due to avoid mailing in the whole thing because of the K-3.

@ivorygao

[ivorygao]

@AliciaP1 Anyway, your comments are helpful to me. Thanks.

[jkm88]

Thanks, @leewilson4416 

Question.

My K-3's info on line 54 does not seem to match the ones on TT.  There's only one column F on line 54.

Should I just leave everything blank? 

[HioSilver]

Any idea if there will be Form 1065 Sch K-2 and Sch K-3 for the 2022 tax year?  My TurboTax Business 2022 is updated and still doesn't have these forms.

[hj74edtg]

Rant: this forum software is just so stupid, you can't even post a link to something inside intuit.com

Go here and click on the first link "these tables"...[paste these next lines into the browser and remove the spaces]

https://ttlc.intuit.com/
turbotax-support/
en-us/
help-article/
taxation/
irs-forms-a v a i l a b i l i t y-table-turbotax-business/

[RobertB4444]

The K-3 shows as available on February 10th, which is today!  Unfortunately, today runs until 11:59 PM PST so I recommend coming back and finishing tomorrow.

In the event that the programmers miss their deadline and require more time the new date will be updated here.

@HioSilver 

[Anonymous_]

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@HioSilver wrote:

Any idea if there will be Form 1065 Sch K-2 and Sch K-3 for the 2022 tax year?  My TurboTax Business 2022 is updated and still doesn't have these forms.

---

An update was just recently release for TurboTax Business. Update your software.

[HioSilver]

So glad to see the Schedules K-2 and K-3 are updated in Turbo Tax Business 2022. Maybe you can help me with an error that I'm getting in this updated version?

In Section C at the top of Schedule K-2, I've checked the NO box for Questions 1 and 4-12.  The YES box is checked for 2-3.  So Part I does not apply, and I did not check any boxes in the Part I section.  Somehow Box #4 (Foreign tax translation) is checked, causing an error, since earlier when asked if Part I applies, I said no - because it doesn't.  I'm unable to uncheck this box, and have deleted the complete form several times and started over - Box #4 keeps getting checked and causing the same error.

Any suggestions would be appreciated.  Thank you.

[PatriciaV]

Did you review Sch K-2 p7 Part III Section 3 under Foreign Taxes? Any information on this page will trigger Part I Box 4 to be checked. In some cases, this form is populated from entries on Form 1116 or even Schedule D.

@HioSilver 

[HioSilver]

Thank you.  I see that in the instructions now.  So, I guess that Part I applies when part III is used.

[czcom]

TurboTax does not support form K-2 or K-3 in 2022 as far as I can research.