Re: Can a K3 be ignored if the K1 box 21 (foreign taxes) is blank?

Lone Mountain · Mar 18, 2023 10:48:39 AM

<P>I have received my K1, and for the first time, a K3. It seems that the K3 can be ignored if the K1 shows no foreign taxes being paid or accrued (K1, box 21 is blank). So, can I just uncheck the K3 box in TurboTax and proceed with the K1? Thanks!</P>

Can a K3 be ignored if the K1 box 21 (foreign taxes) is blank?

hello -

Box 21 on my K1 is blank however when I look at the K3 Part I, Section 2, Line 24 -, column C (foreign source / passive category income) has a amount in it. I do not think you can decide whether to enter the K3 or not by relying on Box 21 alone. Not comfortable with that.