Schedule K-3 and Personal Returns
A big thank you to Bivio in getting the 2021 tax forms
ready! We've been able to successfully generate our club tax
return!
Now a new question. I'm preparing my personal tax return
with Turbo Tax and when I enter my K-1 info I specify "yes"
for Box 16 (Schedule K-3 attached). When I do this, I'm
getting the following message from Turbo Tax - "You've done
a great job starting your taxes early, but the IRS is still
working on finishing up the Schedule K-3 for 2021. This
means this area isn't quite ready yet. Check back soon and
we'll help you finish up"
Anyone else getting this or a similar message when preparing
your personal return? Anyone have a clue when the IRS (or
perhaps Turbo Tax) will have this situation corrected?
Thanks!
Len Delmolino
Massachusetts High Flyers Investment Club
ready! We've been able to successfully generate our club tax
return!
Now a new question. I'm preparing my personal tax return
with Turbo Tax and when I enter my K-1 info I specify "yes"
for Box 16 (Schedule K-3 attached). When I do this, I'm
getting the following message from Turbo Tax - "You've done
a great job starting your taxes early, but the IRS is still
working on finishing up the Schedule K-3 for 2021. This
means this area isn't quite ready yet. Check back soon and
we'll help you finish up"
Anyone else getting this or a similar message when preparing
your personal return? Anyone have a clue when the IRS (or
perhaps Turbo Tax) will have this situation corrected?
Thanks!
Len Delmolino
Massachusetts High Flyers Investment Club
Len,
This must be a TurboTax issue. Have you applied all the updates (if there are any) to the program? I'm not having any problems entering K-3 information into my professional software.
As an aside, if your total foreign taxes are less than $300 ($600 for married filing jointly), you can probably take the foreign tax credit directly on Form 1040, Schedule 3, line 1 without having to complete Form 1116.
Ira Smilovitz
On Sat, Mar 5, 2022 at 2:14 PM Leonard J Delmolino via bivio.com <user*27879700001@bivio.com> wrote:
A big thank you to Bivio in getting the 2021 tax forms
ready! We've been able to successfully generate our club tax
return!
Now a new question. I'm preparing my personal tax return
with Turbo Tax and when I enter my K-1 info I specify "yes"
for Box 16 (Schedule K-3 attached). When I do this, I'm
getting the following message from Turbo Tax - "You've done
a great job starting your taxes early, but the IRS is still
working on finishing up the Schedule K-3 for 2021. This
means this area isn't quite ready yet. Check back soon and
we'll help you finish up"
Anyone else getting this or a similar message when preparing
your personal return? Anyone have a clue when the IRS (or
perhaps Turbo Tax) will have this situation corrected?
Thanks!
Len Delmolino
Massachusetts High Flyers Investment Club
Hi Len,
yes, same here, using TT Deluxe version. Latest updates installed as of Friday evening.
As to when it will be fixed, I can't hazard a guess.
Bob
On 03/05/2022 2:28 PM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
Len,
This must be a TurboTax issue. Have you applied all the updates (if there are any) to the program? I'm not having any problems entering K-3 information into my professional software.
As an aside, if your total foreign taxes are less than $300 ($600 for married filing jointly), you can probably take the foreign tax credit directly on Form 1040, Schedule 3, line 1 without having to complete Form 1116.
Ira Smilovitz
On Sat, Mar 5, 2022 at 2:14 PM Leonard J Delmolino via bivio.com <user*27879700001@bivio.com> wrote:
A big thank you to Bivio in getting the 2021 tax forms
ready! We've been able to successfully generate our club tax
return!
Now a new question. I'm preparing my personal tax return
with Turbo Tax and when I enter my K-1 info I specify "yes"
for Box 16 (Schedule K-3 attached). When I do this, I'm
getting the following message from Turbo Tax - "You've done
a great job starting your taxes early, but the IRS is still
working on finishing up the Schedule K-3 for 2021. This
means this area isn't quite ready yet. Check back soon and
we'll help you finish up"
Anyone else getting this or a similar message when preparing
your personal return? Anyone have a clue when the IRS (or
perhaps Turbo Tax) will have this situation corrected?
Thanks!
Len Delmolino
Massachusetts High Flyers Investment Club
Ditto here.
On 3/5/2022 1:14 PM, Leonard J Delmolino via bivio.com wrote:
> A big thank you to Bivio in getting the 2021 tax forms
> ready! We've been able to successfully generate our club tax
> return!
>
> Now a new question. I'm preparing my personal tax return
> with Turbo Tax and when I enter my K-1 info I specify "yes"
> for Box 16 (Schedule K-3 attached). When I do this, I'm
> getting the following message from Turbo Tax - "You've done
> a great job starting your taxes early, but the IRS is still
> working on finishing up the Schedule K-3 for 2021. This
> means this area isn't quite ready yet. Check back soon and
> we'll help you finish up"
>
> Anyone else getting this or a similar message when preparing
> your personal return? Anyone have a clue when the IRS (or
> perhaps Turbo Tax) will have this situation corrected?
> Thanks!
>
> Len Delmolino
> Massachusetts High Flyers Investment Club
On 3/5/2022 1:14 PM, Leonard J Delmolino via bivio.com wrote:
> A big thank you to Bivio in getting the 2021 tax forms
> ready! We've been able to successfully generate our club tax
> return!
>
> Now a new question. I'm preparing my personal tax return
> with Turbo Tax and when I enter my K-1 info I specify "yes"
> for Box 16 (Schedule K-3 attached). When I do this, I'm
> getting the following message from Turbo Tax - "You've done
> a great job starting your taxes early, but the IRS is still
> working on finishing up the Schedule K-3 for 2021. This
> means this area isn't quite ready yet. Check back soon and
> we'll help you finish up"
>
> Anyone else getting this or a similar message when preparing
> your personal return? Anyone have a clue when the IRS (or
> perhaps Turbo Tax) will have this situation corrected?
> Thanks!
>
> Len Delmolino
> Massachusetts High Flyers Investment Club
It looks like we may need to wait until March 20 for our
personal returns
https://www.irs.gov/e-file-providers/schedules-k-2-and-k-3-interim-electronic-filing-for-tax-year-2021
Len Delmolino
Massachusetts High Flyers Investment Club
personal returns
https://www.irs.gov/e-file-providers/schedules-k-2-and-k-3-interim-electronic-filing-for-tax-year-2021
Len Delmolino
Massachusetts High Flyers Investment Club
Len,
That IRS News release doesn't apply to personal returns. It is related to partnerships filing their 1065 returns with Schedules K-2 and K-3. Individual returns containing foreign tax credit can be filed today (provided your software is up to it).
Ira Smilovitz
On Sat, Mar 5, 2022 at 3:34 PM Leonard J Delmolino via bivio.com <user*27879700001@bivio.com> wrote:
It looks like we may need to wait until March 20 for our
personal returns
https://www.irs.gov/e-file-providers/schedules-k-2-and-k-3-interim-electronic-filing-for-tax-year-2021
Len Delmolino
Massachusetts High Flyers Investment Club
Thanks for the clarification Ira. Hopefully TT update their
software soon.
Len Delmolino
Massachusetts High Flyers Investment Club
software soon.
Len Delmolino
Massachusetts High Flyers Investment Club
Yes I got the same message when trying to efile. IRS (TT) is not accepting K3s for efiling as of 3/20. The TT blog on this suggests they will not solve the problem for this tax season. I am asking this forum whether there is a workaround: to a) efile with the K3 box unchecked and b) then send K3 forms separately. Does this take an amended return?
I filed using FreeTaxUSA and my personal returns were accepted for both the federal and NYS returns. Try using FTUAS... you don't pay for a federal return and $15 for the state. Had no issues with the K-3 data.
John, Capitol Investors
Yes I got the same message when trying to efile. IRS (TT) is not accepting K3s for efiling as of 3/20. The TT blog on this suggests they will not solve the problem for this tax season. I am asking this forum whether there is a workaround: to a) efile with the K3 box unchecked and b) then send K3 forms separately. Does this take an amended return?
Are you able to attach a pdf of the form to your return then efile?
Carolyn Sturgis
Yes I got the same message when trying to efile. IRS (TT) is not accepting K3s for efiling as of 3/20. The TT blog on this suggests they will not solve the problem for this tax season. I am asking this forum whether there is a workaround: to a) efile with the K3 box unchecked and b) then send K3 forms separately. Does this take an amended return?
Carolyn Sturgis
TT does not give me that option to attach a pdf (unless I am missing something).
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Carolyn Sturgis via bivio.com
Sent: Sunday, March 20, 2022 11:21 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Re: Schedule K-3 and Personal Returns
Are you able to attach a pdf of the form to your return then efile?
Carolyn Sturgis
On Sun, Mar 20, 2022 at 8:18 PM Norman C. Blizard via bivio.com <user*36041900001@bivio.com> wrote:
Yes I got the same message when trying to efile. IRS (TT) is not accepting K3s for efiling as of 3/20. The TT blog on this suggests they will not solve the problem for this tax season. I am asking this forum whether there is a workaround: to a) efile with the K3 box unchecked and b) then send K3 forms separately. Does this take an amended return?
--
Carolyn Sturgis
While I don't use TT, unless you are claiming the foreign tax credit by filing Form 1116, you don't need the K-3 to complete your return. Stated differently, if your total foreign tax paid is less than $300 ($600 if filing married filing jointly), you can deduct the foreign tax as a credit directly on Schedule 3. The foreign tax your investment club paid on your behalf is in box 1 of Schedule K-1.
Ira Smilovitz
TT does not give me that option to attach a pdf (unless I am missing something).
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Carolyn Sturgis via bivio.com
Sent: Sunday, March 20, 2022 11:21 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Re: Schedule K-3 and Personal Returns
Are you able to attach a pdf of the form to your return then efile?
Carolyn Sturgis
On Sun, Mar 20, 2022 at 8:18 PM Norman C. Blizard via bivio.com <user*36041900001@bivio.com> wrote:
Yes I got the same message when trying to efile. IRS (TT) is not accepting K3s for efiling as of 3/20. The TT blog on this suggests they will not solve the problem for this tax season. I am asking this forum whether there is a workaround: to a) efile with the K3 box unchecked and b) then send K3 forms separately. Does this take an amended return?
--
Carolyn Sturgis