When entering my K-1 info, it asks if Box 16 is checked. It is and I DO have a K-3. However, TT states: If your Schedule K-3 has no foreign income or taxes on it, you can answer "no" to this question.
I have 2 K3's. In the corresponding K-1 forms, both have box 16 checked. However, Box 21 (Foreign taxes paid or accrued) is blank for both.
Also, on the K-3 for one of them, in Part II (Foreign Tax Credit Limitation), there are no foreign countries listed in the Description section. They all say "US".
In my second K-3, in the same Part II, there are a few sections that list both US and MX. However, the income for MX is listed as 0 everywhere.
Does this mean I can ignore the K-3 for both companies? And answer No to the question "Is box 16 checked on your K-1"?
