Form 1116

MAC18 — Wed, 09 Apr 2025 17:48:11 GMT

The k-1 I received from an investment partnership has a k-3 attached to it. The k-3 shows a dozen countries as foreign sources of ordinary and qualified dividends. Seven out of the twelve countries show foreign taxes being paid on their respective incomes. Do I have to report each country separately in Form 1116 for this k-1 or can I indicate in TurboTax that all the foreign income and foreign dividends associated with this k-1 came from RIC?

Re: Form 1116

BrittanyS — Sat, 12 Apr 2025 12:34:29 GMT

See the response from AliciaP1 on multiple foreign country entries. "You will need to create a new K-1 for each country only if there is more than one type of foreign gross income in columns (b), (c), (d), and/or (e) of the K-3. If you only have information in 1 column for 3 countries you can list the Foreign Country or U.S. Possession dropdown box as Various. Then add the amounts for the different countries and enter them as one amount in the appropriate column. If your K-3 does list amounts in more than one of the columns (b - e), you will need to enter a separate K-1 worksheet for each column. You can still add the countries together and show the Foreign Country as Various for amounts in the same column.

For example:

Schedule K-3 Line 1 has $5,000 in column b (France)

Schedule K-3 Line 2 has $2,000 in column b (Germany)

Schedule K-3 Line 3 has $12,000 in column c (France)

You will have 2 Schedule K-1s entered into TurboTax to accommodate the different types of foreign income (columns b & c). One will have the Foreign Country or U.S. Possession dropdown as Various and Foreign branch category income (Column B) box will be $7,000. Then finish entering the K-1 with all the other box information included.

Enter a new K-1 with the same company information but no amounts in any box except box 16. This will have the Foreign Country or U.S. Possession dropdown as France and the Foreign gross income (Column C) box will be $12,000. Finish entering the K-1 with the remaining information being blank (or No)."

See the link below for more details:

K-3 Multiple Foreign Income

topic Form 1116 in Get your taxes done using TurboTax

Form 1116

Re: Form 1116