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Exception from filing Schedules K-2 and K-3

Schedules K-2 and K-3 were added for the 2021 tax year.  Use them to report the foreign transaction information you previously reported on Form 1065, Schedule K.

Schedule K-2

Schedule K-2 is an extension of Form 1065, Schedule K. You use this form to report items related to international tax from the operation of the partnership.

Schedule K-3

Schedule K-3 is an extension of Schedule K-1 (Form 1065). This form lets you report to partners their share of the items reported on Schedule K-2. Partners have to include the information reported on Schedule K-3 on their tax or information returns.

Exception from filing Schedules K-2 and K-3

There's an exception to filing Schedule K-2. To meet the exception, the partnership has to notify the partner that they won't provide Schedule K-3 unless the partner requests it. You can provide this notification as an attachment to the Schedule K-1.
UltraTax/1065 prints the Schedule K, line 20c, and Schedule K-1, line 20AH statements when you mark the
Print Sch K and K-1 statements when exception to filing Sch K-2 is met
 checkbox. To go to this field, select
Setup
,
1065 Partnership
,
Other Return Options
, then the
Return Presentation
 tab.
  1. To have UltraTax/1065 print the Schedule K, line 20c, and Schedule K-1, line 20AH statements, select
    Setup
    ,
    1065 Partnership
    ,
    Other Return Options
    , then the
    Return Presentation
     tab. 
  2. Mark the box for the
    Print Sch K and K-1 statements when exception to filing Sch K-2 is met
     field.

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