I am preparing a partnership income tax return. There are two partners in this partnership. The partnership received three K-1's, two of which have K-3's attached.
I have indicated on line 16 of the K-1's recieved that there is a K-3 and it simply tells me to enter the info in the correct places on the income tax return.
I have also indicated on line 16 of the individual partners K-1 that there is a K-3. However, I can only get one K-3 for each partner. Do I combine both of the K-3 information I received into the K-3 generated for each
partner? When I do that (which I am not sure is correct), I cannot get the K-3 to print with the return nor can I get it in the final product for the return that is to be submitted to the IRS.
What am I doing wrong? I have spent hours on this. I am beginning to think that Turbotax is not equipped to handle a partnership return when that partnership has received two K-1's with K-3 info?
Of note is the fact that Under Part II Foreign Tax Credit Limitation, Section 1, Line 6, there is US interest income reported on each of the K-3's. One partnership reports $1 and the other $2299.
Thanks!
