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Level 2
posted Apr 17, 2023 10:48:54 AM

k1/k3 forms need to file

I have a do not have, this will 

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1 Best answer
Expert Alumni
Apr 17, 2023 11:49:17 AM

If you are not already claiming a foreign tax credit from other forms you have received and the K-1 losses would only contribute to a carryover, you do not need to include them.  Ensure you have added the losses to your carryover amounts to update on your 2023 taxes.  If you are claiming a foreign tax credit, you will need to enter your K-3 to ensure the calculation for the allowable credit is correct.

 

I do not recommend filing now if you already know you will need to amend when you receive the K-3.  If this is the case, you should file for an extension and pay any estimated tax you may owe by 4/18/23.

3 Replies
Expert Alumni
Apr 17, 2023 11:49:17 AM

If you are not already claiming a foreign tax credit from other forms you have received and the K-1 losses would only contribute to a carryover, you do not need to include them.  Ensure you have added the losses to your carryover amounts to update on your 2023 taxes.  If you are claiming a foreign tax credit, you will need to enter your K-3 to ensure the calculation for the allowable credit is correct.

 

I do not recommend filing now if you already know you will need to amend when you receive the K-3.  If this is the case, you should file for an extension and pay any estimated tax you may owe by 4/18/23.

Level 2
Apr 17, 2023 1:13:17 PM

 

 

Expert Alumni
Apr 17, 2023 1:37:06 PM

K-1's with losses do not need to be reported. IRS is only interested in income and profits reporting.