According to 1065 partner's instructions, Part1V is used to determine your deduction with respect to FDII. Partners will use the information to claim and figure a section 250 deduction with respect to FDII on Form 8993, Section 250 Deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI).
This is currently out of scope for Turbo Tax as we do not support Form 8993 or section 250 deductions. At this point, yoyu have two choices.
- You may consult with a CPA that may be of help to you for you to claim the deduction on a Form 8993.
- If the amounts in part 1V are small, you might consider not reporting the k-3 and uncheck Box 16.
.
Part 1X is used to figure the BEAT. Corporate partners will use the information to complete Form 8991, Tax on Base Erosion Payments of Taxpayers With Substantial Gross Receipts.
Part X.
Used to provide information to a foreign partner (or a pass-through entity partner with a foreign owner) to determine its tax liability or reporting requirements with respect to income effectively connected with a U.S. trade or business (ECI) or with respect to fixed, determinable, annual, or periodical (FDAP) income. Partners will use the information to figure and report any U.S. tax liability on Forms 1040-NR, U.S. Nonresident Alien Income Tax Return; Forms 1120-F, U.S. Income Tax Return of a Foreign Corporation; or other applicable forms.
This is also out of scope for Turbo Tax because Turbo Tax does not support form 8991 and Part X is for a foreign partner to report on his 1040 NR.
@LinnyH
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
