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Level 1
posted Feb 18, 2024 1:12:13 PM

Schedule K-3 if income is only in US 2023

Do I need to enter 2023 Schedule K-3 if income is only in US?  Will TT import K-3?

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1 Replies
Expert Alumni
Feb 19, 2024 6:58:19 AM

Yes, you should enter Schedule K-3 information. It's possible the Schedule K-3 may apply to your tax return even though the partnership has no foreign activity. 


Per IRS Instructions for Form 1065 Schedule K-3: " A partnership with no foreign source income, no assets generating foreign source income, and no foreign taxes paid or accrued may be reporting information to partners on Schedules K-3. For example, if you claim a credit for foreign taxes paid and/or accrued separately from your partnership interest, you may need certain information from the partnership to complete Form 1116 or Form 1118."

 

Yes, you may be able to import Schedule K-3 if it is available in .TXF format. See this link for instructions on how to import: How to upload TurboTax.txf files into TurboTax Schedule K-1, Form 1065