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Returning Member

Foreign Tax Credit

I have my largest foreign tax payment shown on a K-1.  When I start to complete the foreign tax credit "interview" it shows tax credits from 1009s but not the K-1.  Since the K-1 foreign tax paid is by far the largest it needs to be first in the 1116 forms according to the Special Instructions.  Why is the K-1 foreign tax paid not listed?  


Is there any work around one would suggest?

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3 Replies

Foreign Tax Credit

if you have FTC on a K-1 you must get a K-3 and complete entries in that section.  

Returning Member

Foreign Tax Credit

There is no K-3 for a complicated reason.  Could I go to the 1116 form and enter the information directly rather than via the "interview process"

Foreign Tax Credit


Who Must File
Any partnership required to file Form 1065 that has items relevant to the determination of the U.S. tax or certain withholding tax or reporting obligations of its partners under the international provisions of the Internal Revenue Code must complete the relevant parts of Schedules K-2 and K-3. See each part and section for a more detailed description of who must file each part and section. Penalties may apply for filing Form 1065 without all required information or for furnishing Schedules K-3 to partners without all required information. The penalties that apply with respect to Form 1065 and Schedule K-1 apply with respect to Schedules K-2 and K-3, respectively. 



I'm not sure how you could go to the 1116 form and fill out the required info since the k-3 which contains this info is missing. Even if you could do it, these would likely be overrides which would prevent you from e-filing. 



THE k-3 instructions due contain rules for when the k-3 does not have to be filed. whether your partnership meets the rules is not known.


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