1. I have a K-1 from a partnership whose address is in Bermuda. I'm using Home and Business 2019. When I go to enter the address, the software only offers address forms for the US, i.e. State and Zipcode. How am I supposed to enter the address on my form?
2. I assume this means this is a foreign investment, even though this company operates in the US. I am a domestic partner. In the foreign transactions part III/16 it says OTH COUNTRIES. Not sure what this means.
3. Under 13 W, my K-1 says "Guaranteed Payment for the Use of Capital" but TurboTax doesn't have this as a selection. What do I do? Many thanks.
May I say, I can't believe how much time each K-1 takes. And how confusing they are to enter. I wish there were a way for the program to import the data as it does with my other financial accounts.
Thanks
1. Use your home address as a substitute as its only informational.
2. Use the synonym "various" as they do not provide the names of the countries.
3. On the screen for "Check boxes that have an amount." Include box 13. On the screen header "Enter box 13 info", select W-other deductions. The next screen header "Enter the code W detail", select "I have another description item".
Put the pointer under the box "description" and enter what it is for and the amount.