Schedule K-2 summarizes all partners’ shares of the partnership’s items of international tax relevance, and: ![]() Schedule K-3 is an extension of Schedule K-1.Schedule K-2 is an extension of Schedule K.The schedules will also allow the IRS to verify taxpayer compliance on international matters with more ease. income tax liability with respect to items of international tax relevance, including claiming deductions and credits. partners who claim foreign tax credits on how to compute their U.S. They are designed to provide greater clarity for non-U.S. Schedules K-2 and K-3 are intended to replace, supplement and standardize parts of the existing international tax reporting sections in Schedule K and Schedule K-1. Starting with tax year 2021, the IRS requires two new schedules – K-2 and K-3 – to be prepared with Forms 1065, 1120-S and 8865.
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