Are you saying to not tell Turbo tax you have box 16 checked? I have 2 K1 with no foreign income or involvement in the K1.
Can anyone answer this:
Foreign Country or U.S. Possession dropdown box NOT APPLICABLE? Given there is no drop down menu for US is this a problem because it defaults to Not Applicable?
This is copied from the K3 PDF filing form (If income is U.S. source, enter “US.” Do not enter “various” or
“OC” for the country code. )
Given the latest ruling for the IRS there is no need to file a K3 so can you just say no to Check mark on line 16?
Limited exception to filing January 11, 2023
New domestic filing exception for completing Schedules K-2 and K-3: The final instructions include an exception for filing and furnishing Schedules K-2 and K-3 for tax years beginning in 2022. Under the domestic filing exception, a domestic partnership (as defined under sections 7701(a)(2) and (4) of the Internal Revenue Code) does not need to either (a) complete and file with the IRS the Schedules K-2 and K-3, or (b) furnish to a partner the Schedule K-3 (unless requested by a partner after the one-month date (defined in criterion number 4, below)) if each of four criteria are met with respect to the partnership’s tax year 2022
