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STOKABE
Returning Member

turbotax business k2 and K3

when filling out K2 for foreign tax TT doesn't like me to fill out both the country section drop down and the type section drop down. I have foreign tax paid with mutual funds. There is NO single country, but I can't leave the country code blank (TT says that is an error). I choose RIC.  If I choose a country, then I can't choose RIC.  what is the problem?  I spoke to a TT customer support person (twice, first time got hung up on) and they couldn't figure it out either. Was told that I can wait for a fix or print and send my 1065 by slow mail.

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2 Replies

turbotax business k2 and K3

try various  or other countries.  found they pop up in red but upon final review not shown as an error. have not yet e-filed.   the only way in Turbotax to enter each country or RIC is to complete that part of a 1099-DIV for each and then link to form 1116 each in its own column and if you have more than 3 sources multiple 1116s 

 

STOKABE
Returning Member

turbotax business k2 and K3

This is a question about filling out schedule K2 for IRS form 1065 (turbotax business edition). I have to go to forms section and fill out the appropriate tax information for foreign tax paid by mutual funds. Don't have any foreign sales income or any other type of foreign income except for mutual fund dividends. However turbotax doesn't like me not to have zero in the K2 section II item 1.  I tried deleting all the K2 information and line 16 (for foreign income information) on the form 1065. turbotax still tells me that I have K2 info that is wrong and still has K2 forms.  I don't particularly want to delete the entire 1065 and retry everything.  Talked to turbotax help, they told me can see problem but only work around is to PRINT and MAIL my 1065 and K2 to the IRS.  this is not particularly helpful.  

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