K3 - Foreign Country or US possession

[sam992116]

I got K1 from public traded MLP and it has section 16 checked. Now I got K3 as well.

In TT interview Enter your info

It is asking me go to Part 2, Section 1 and Line 24 and enter each foreign Country.

But in K3 there is only United States listed and TT drop down menu is NOT showing USA any where but it does has list of every country in world. How to handle this one? Choose various? My software is UP to date. There are few codes as well like RIC, HTKO, 965 , 951 A, Various and 909 income

There is different language at TT interview and K1 from partnership.

Q:    TT interview is telling me look at Part 2 , section 2 line 54  then Column F .  TT has listed as Deduction allocated at Individual level BUT K3 has listed same line and Column F as Sourced by Partner. Same thing or can be different?

Q: In K3 there are Column A though G. A is US source . B though E are Foreign source,  F column is SOURCED BY Partner and Column  G is total.  In TT interview Column A is missing? It is giving me issue later on. As I mentions A is missing TT interview and Column F is Sourced at Partner. Later on in TT it is new Window at Enter Income detail. it is listing F column amount as Total. I did not get a chance to enter anywhere US source figures?

[KarenL4]

Hi,

While I cannot be certain, it sounds like there may not any foreign activities. If that is the case, refer to this post that tells you how to proceed for the K-3.  If that doesn't help, I suggest you reach out to TurboTax for the assistance of an expert who can review your K-1 and K-3 with you. 

If this helps, please cheer below!

Best,

Karen

[sam992116]

Lets assume On my K3 there are 3 countries listed US, Canada and Mexico.

Once you start filling out form K1 and reach Q. 16 Where it asks you BOX checked for 16 on K1. Then software takes you to Sch. K3.

There is drop down menu of countries

Now do I need to fill out K1/3 combo 2 times (I mean exclude US) once in detail for first Country lets Canada and then go back to K1s and create a New K1 with entity basic information for entity which provided me K1 every thing else blank and come to fill K3 for 2nd country (income and deduction part only? Or Can I just use Various?

Would it not confuse software as foreign income and tax have more to do with deductation?

Previously MLP where they have Ordinary Income and Rental Income one has to fill twice and now I may filling 4 times for same entity 2 times for Box 1 ordinary income and Box 2 rental income then again for foreign income?

[metsfan]

Isn't this a BUG with Turbo Tax?  Shouldn't it list US as one of the Countries?   I too have received a K-1 with box 16 checked and a K3 with only US sources and a column A which is the only one containing any values.

Turbo Tax not offering a US option in drop down makes this difficult to map to.  Sounds like the way to proceed is to not check that Box 16 in Turbo Tax though it is checked in the K1 I received?

[metsfan]

OK.  Figured this out.  Make sure to go thru the Interview in this case .. and there answer Box 16 is indeed checked.  It asks explicit questions about entries in columns which are not US Sources and also considers line 54 (column f).  It also summarizes US Source income within one of the final screens.