I am struggling with what numbers to enter into turbotax off the K1/K3 and come out error free. Is there something more helpful that can explain it
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there is no simple way to explain what must be entered from the k-3. in some cases nothing. if you are not a US citizen or green card holder there may be parts that Turbotax does not do.
here is from turbotax help
Line A: Name of country or U.S. territory - Enter from Schedule K-3, Part 2, Section 1, Line 24, description column(a,b,c)
Line B: Gross income from all sources - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column G
Line C: Gross income sourced at individual level - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column F
Line E: Foreign gross income - Foreign branch category - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column B
Line F: Foreign gross income - Passive category - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column C
Line G: Foreign gross income - General category - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column D
Line H: Foreign gross income - Other - Enter from Schedule K-3, Part 2, Section 1, Line 24, Column E
Line I: Deductions allocated at individual level - Interest expense - Enter from Schedule K-3, Part 2, Section 1, sum of Lines 39-43, Column F
Line J: Deductions allocated at individual level - Other - Enter from Schedule K-3, Part 2, Section 2, Line 54 minus the sum of lines 39-43, Column F
Line L: Deductions allocated - Foreign branch category - Enter from Schedule K-3, Part 2, Section 2, Line 54, Column B
Line M: Deductions allocated - Passive category - Enter from Schedule K-3, Part 2, Section 2, Line 54, Column C
Line N: Deductions allocated - General category - Enter from Schedule K-3, Part 2, Section 2, Line 54, Column D
Line O: Deductions allocated - Other - Enter from Schedule K-3, Part 2, Section 2, Line 54, Column E
Line P: Total foreign taxes paid - Enter from Schedule K-3, Part 3, Section 4, Line 1, on Page 8 or 9 depending on income category, if "Paid" is checked
Line Q: Total foreign taxes accrued - Enter from Schedule K-3, Part 3, Section 4, Line 1, on Page 8 or 9 depending on income category if "Accrued" is checked
Line R: Reduction in taxes available for credit - Enter from Schedule K-3, Part 3, Section 4, Line 1, on Page 8 or 9 depending on income category if "Accrued" is checked
The following lines are not provided in the program. Enter on appropriate tax form.
Line S: Foreign trading gross receipts
Line T: Extraterritorial income exclusion
Line W: Section 965 information
Line X: Other foreign transactions
Line AA: Gross receipts per Regs 1.59A-7(e)(2). Current year.
Line AB: Gross receipts per Regs 1.59A-7(e)(2). First preceding year.
Line AC: Gross receipts per Regs 1.59A-7(e)(2). Second preceding year.
Line AD: Gross receipts per Regs 1.59A-7(e)(2). Third preceding year.
Line AE: Base erosion tax benefits from base erosion tax payments per Regs 1.59A-7(d)
Line AF: Amounts included in the denominator of the base erosion percentage per Regs 1.59A-2(e)(3)(i)
Line AG: Section 951A (GILTI) information. See instructions for Form 8992.
Line AH: Foreign derived intangible income (FDII) information
Line AI: Section 864(c)(8) foreign partner's distributive share of deemed sale items on transfer of partnership interest
if there's anything else be specific and post back in this thread. part section line # and column.
here's a link to iRS instructions
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