🤔 we did not hear back from the TT experts who are monitoring these forums.
In any case, I managed to get TT to do what I think the IRS wanted us to do, and the results came in line with what I was expecting, and e-filed my returns and the IRS accepted it! Whew!
Here's how I went about it.
My K-1s are (probably) middle of the road complexity. And since my "foreign taxes" were paid to multiple countries, and are from a RIC (Reg Inv Co), I decided not to separate the taxes by country. My foreign incomes were all interests and dividends, while associated expenses were all interest and business expenses. So, foreign taxes became relatively simple!
Here's how I went about entering the K-3 info (after clicking Yes to Box 16) - here it is, TT screen by screen:
Pg 1. Foreign Country - RIC
Pg 2. Income - K-3 II, Sec I, Line 24
Ignored the Titles that TT used, BUT just used the col ids (like B C F G etc) and provided the values in the corresponding TT boxes.
I had values only for Col C, F and G
Pg 3. Deductions - K-3 II, Sec 2, Line 54
Again, Ignored the TT and K3 Col headings and used only the Col ids like in Pg 2 -- I had C, F and G.
Entered Col C info as is
For the F box, I entered the sum of the values in Col F in Lines 39-43 in my K-3 (the values were in the earlier page on my K-3)
For the G box, I entered the diff between the "K-3 Line 54 Col F" value and the sum in the line above (entered in TT F box)!
Pg 4 Forn Taxes paid - K3 Part III Sec 4 (Pages 8 and 9 - combine horizontally to one wide page)
Relatively straight forward
Pg 5 Sources of Income and expenses - Used info in K3 Part X
Gross Inc - Sec 1 Line 21 provides the Foreign value in the two cols D and G
Enter the sum of D and G in "Foreign" box in TT and the US Source is auto calculated.
Int Exp - Sec 2 : Entered the Foreign values for "Int" and "Other" and TT calculated the US Source again.
And Voila....that was it!
Looking back, Pg 3 was the tricky one because the TT language was not easy to understand. Hopefully, the TT people get this language right by the next year. 🙏 @PatriciaV
