Get your taxes done using TurboTax

Entry for the Schedule K-3 on your federal tax return is ready to go in TurboTax.  You may be seeing a delay of processing for your state and if that is the case you can see Forms availability table for TurboTax individual (personal) tax products for updates.

Within your tax return use the magnifying glass to search k-1 and use the Jump to link in the search results.  Enter the type of K-1 it is and when you mark box 16 it will walk you through entering the K-3s.

You will need to create a new K-1 for each country only if there is more than one type of foreign gross income in columns (b), (c), (d), and/or (e) of the K-3.  If you only have information in 1 column for 3 countries you can list the Foreign Country or U.S. Possession dropdown box as Various.  Then add the amounts for the different countries and enter them as one amount in the appropriate column.  If your K-3 does list amounts in more than one of the columns (b - e), you will need to enter a separate K-1 worksheet for each column.  You can still add the countries together and show the Foreign Country as Various for amounts in the same column.

For example:

Schedule K-3 Line 1 has $5,000 in column b (France) 

Schedule K-3 Line 2 has $2,000 in column b (Germany)

Schedule K-3 Line 3 has $12,000 in column c (France)

                       You will have 2 Schedule K-1s entered into TurboTax to accommodate the different types of foreign income (columns b & c).  One will have the Foreign Country or U.S. Possession dropdown as Various and Foreign branch category income (Column B) box will be $7,000. Then finish entering the K-1 with all the other box information included.

                       Enter a new K-1 with the same company information but no amounts in any box except box 16.  This will have the Foreign Country or U.S. Possession dropdown as France and the Foreign gross income (Column C) box will be $12,000.  Finish entering the K-1 with the remaining information being blank (or No).

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