Foreign taxes reported on partnership return

Forum|Forum|3 years ago
April 9, 2023
2 replies
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Where are foreign taxes withheld reported on the partnership Form 1065?

These have been reported on the 1099-div brokerage statement (item 7) and on various K-1s received from MLPs on line 21. The k-1 line 21 is more straight forward. Not sure about the 1099 amount.

Thank you

TurboTax Business Windows

LindaS5247

Level 14

To enter foreign taxes paid on a 1099-DIV, you need to check the box under the section you enter your dividends that states "My form has info in more than just these boxes (this is uncommon)."

You will then see the rest of the boxes from the Form 1099-DIV and you can enter your foreign taxes paid, Box 7.

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JLGTTAuthor

Level 2

LInda- I do not see that option in the Turbo Tax for business, only on the "personal" version of TT. The dividends were received by a partnership.

Mike9241

Level 15

with foreign tax credit you have another issue so the partners can properly report on their 1040's. a k-2 and k-3 is needed for the partnership and then there should be an allocation to each partner with them getting a k-3 to report their share.

read the instructions for who must file

https://www.irs.gov/pub/irs-pdf/i1065s23.pdf

JLGTTAuthor

Level 2

Thank you, Mike. Do you know which sections of the K2 and K3 are needed? By completing these forms, does the program then adjust line 21 (foreign taxes paid) on the partners individual K-1's? We have a number on line 21 already based on K-1's received by the partnership. But the number currently does not include the amounts reported on the 1099-div.