Lets assume On my K3 there are 3 countries listed US, Canada and Mexico.
Once you start filling out form K1 and reach Q. 16 Where it asks you BOX checked for 16 on K1. Then software takes you to Sch. K3.
There is drop down menu of countries
Now do I need to fill out K1/3 combo 2 times (I mean exclude US) once in detail for first Country lets Canada and then go back to K1s and create a New K1 with entity basic information for entity which provided me K1 every thing else blank and come to fill K3 for 2nd country (income and deduction part only? Or Can I just use Various?
Would it not confuse software as foreign income and tax have more to do with deductation?
Previously MLP where they have Ordinary Income and Rental Income one has to fill twice and now I may filling 4 times for same entity 2 times for Box 1 ordinary income and Box 2 rental income then again for foreign income?
