Entering a K-1 with K-3 info.
I use forms mode almost exclusively, but I am willing to go to an interviews that addresses the K-3 of the one K-1 that I have downloaded.
My new 1065 K-1 has a Foreign Information For Form K-3 section. It includes these items with amounts:
Foreign Information For Form K-3, Part II and Other Relevant Sections
Gross Receipts Sourced to US
Passive Category Gross Receipts Sourced to Canada
Cost of Goods Sold Sourced to US
Passive Category Cost of Goods Sold Sourced to Canada
Partner Sourced Income
Other Income Sourced to US
Passive Category Other Income Sourced to Canada
Other Deductions Sourced to US
Passive Category Other Deductions Sourced to Canada
Partner Sourced Interest Expense
Other Foreign Information For Form K-3
Subpart F Income 0
Passive Category Partner Sourced Foreign Taxes Accrued
The K-3 worksheet section on the K-1 form has somewhat similar boxes, but there are big differences. Here are the Turbotax worksheet lines:
Schedule K-3 - Foreign Transactions Smart Worksheet
Line
A Name of country or US possession
B Gross income from all sources
C Gross income sourced at partner level
D Reserved
E Foreign branch category‘-
F Foreign gross income-Passive category-
G Foreign gross income-General category
H Foreign gross income-Other--
| Deduction allocation at individual level-lnterest expense“
J Deduction allocation at individual level-Other**
K Reserved
L Deductions-Foreign branch category_
M Deductions-Passive category
N Deductions-General category--
O Deductions-Other
P Total foreign taxes paid
Q Total foreign taxes accrued
R Reduction in taxes available for credit
S Foreign trading gross receipts
T Extraterritorial income exclusion
U Reserved
V Reserved
W Section965information
X Other foreign transactions
Y Reserved
I have three questions:
1. How would I relate the K-1 tax package info to the Turbotax K-3 boxes in forms mode?
2. Is B Gross income from all sources my AGI, or is it some number from this K-1?
3. If I were to try the interview on this section, how would I get to the right spot in the interview? "Show Topic List" has nothing relevant that I find. My attempt had the interview asking if I got K-1s from each of those I had in 2022. I will have some them. I don't have them now, but I have the one I already entered.
I understand that nobody is going to make a complete answer to my question 1, but if I get going, I might try, and post my conclusions. Answering or commenting on any part would be helpful.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/schedule-k-3/enter-schedule-k-3-turbotax... did not help me. I have been putting K-1s into TurboTax for a long time.
