I have a Schedule k-3 that will be delivered after April 15th. How can I file my taxes, do I need to request an extension?

[freddyribs]

My return is done and absent K-3 I owe money to State (CA) and the IRS. Do I need to pay by April? If so how and how much? How can I know the total without all my forms

[Mike9241 · Accepted solution]

the IRS has stated they may provide relief for failure to file form K-3 for 2021.  not specific so I'm assuming the IRS won't assess any penalties for failure to file or disallow credits or deductions 

if you don't want to risk it, your only option is to extend. I got notified by a partnership that' is not likely they'll have their K-3 to me before 10/15/2021 which means for me either filing late, filing and amending. or just file without it and see what the iRS does.

there is a 5 letter word that comes to mind.

[freddyribs]

Thanks Mike! 

If I file for an extension, do I need to pay my current balance and then after filing the K-3 either pay more or get a refund? 

Or does an extension allow you to defer your payment as well? 

[Boyan]

Hi everyone, 

Ok so say we file by the April deadline hoping to get said IRS relief as stated here, what do we put in the TT interview about box 16 - do we say that it's checked or NOT? If one says checked, then one must provide the K3 info which is impossible therefore the only way to file is to say NO on "box 16 checked" but that's not the truth?

How does one do this? Thank you

[AliciaP1]

You have jumped on an old thread.  The relief mentioned is no longer valid for 2022 tax returns.  I do not advise you to file the return without the K-3 information unless you are certain it will be blank.  The Foreign Taxes paid or accrued box being empty on the Schedule K-1 does not guarantee the K-3 will be blank.

If you have not filed the return and do not have key indicators to file your return without the K-3 I recommend filing for an extension and completing your return when you receive it.  If you have already filed, you should wait until you receive the K-3 and then amend your return. 

@Boyan 

[Boyan]

@AliciaP1 Thank you, extension filed. Good and consistent advice with what I've read everywhere else . Thank you. What a hassle but oh well - life.