only US source income and no required reporting is common for US citizens.
however, K-3s vary greatly
to summarize if there is no FTC, part II is all US income and you are otherwise a US citizen (meaning an US individual) you have just received 20 pages of waste paper.
the k-3 is meant for all holders of the MLP which would include non-US citizens which would have different reporting requirements than US citizens. so like the k-1 everything that MIGHT need to be reported was allocated to each member on the K-3
also, note that Turbotax can only handle part II reporting if that's even necessary.
here's a brief summary of the parts
1) I would need to know what boxes are checked if the following doesn't answer all your questions
2) if its all US income there's nothing to report for form 1116
3) this is for apportionment and allocation of certain items of income and expense and FTC by category but if no FTC this section is irrelevant. also, sections 1-3 only seem to apply to corporations.
4) for preparation of form 8993 to determine section 250 deduction. but this only applies to domestic corporations and US individual shareholders of controlled foreign corporations making a section 962 election. IRC 962 election is an election to be taxed as a Corporation. Most taxpayers would not want to elect to be treated as a corporation and then become double-taxed.
9 and 10 ) appear to be for foreign partners.
