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k1/k3 forms need to file

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AliciaP1
Expert Alumni

k1/k3 forms need to file

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.

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3 Replies
AliciaP1
Expert Alumni

k1/k3 forms need to file

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.

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k1/k3 forms need to file

 

 

DaveF1006
Expert Alumni

k1/k3 forms need to file

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

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