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TaxHacks
Level 3

Entering 1065 K1+K3 with two foreign countries tax paid.

I need to file 1116 anyway. I just did a K-3 for one PTP and got my passive accrued $64 back as a credit. Tedious, but I did it.

The other K-1+K3 that has passive paid tax, and  lists two countries. One is $9, and the other $5. I don't see how to enter data for two countries into the K-3 worksheet are of the k-1. Here is what I have considered so far:

 

1. Combine amounts and add them to Various. (easiest way, without abandoning money)

2. Make a dummy K-1 that only has the foreign tax info for one country, as I have had to do when a PTP includes K1 line 3 rent and line 1 income on the same K-1.

3. Abandon the $15 by just marking that there was no K-3. Tempting, but what if there is more such tax in a later year.

4. Learn the trick/setting to make TT accept K-3 that includes 2 countries.

 

Thanks for your consideration. And I should consider whether to liquidate to avoid this pain in the future.

1 Best answer

Accepted Solutions
Mike9241
Level 15

Entering 1065 K1+K3 with two foreign countries tax paid.

what i would do is use "various" for the name of the country and pretend the FTC came from just 1 country. you're only talking about $14. the detail on the k-3 should allow for correct reporting especially if all the foreign taxes are of the same category.   you do have the option of creating a second k-1 for the partnership so you could report each country's info separately.  

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2 Replies
tagteam
Level 15

Entering 1065 K1+K3 with two foreign countries tax paid.

@Mike9241 can probably help here.

Mike9241
Level 15

Entering 1065 K1+K3 with two foreign countries tax paid.

what i would do is use "various" for the name of the country and pretend the FTC came from just 1 country. you're only talking about $14. the detail on the k-3 should allow for correct reporting especially if all the foreign taxes are of the same category.   you do have the option of creating a second k-1 for the partnership so you could report each country's info separately.  

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