Form 1065 K-3 schedule saga

[DaveF1006]

Yes, you may enter this as a K-3 entry along with the foreign income that the tax was levied against. One reason why the partnership did not issue the K-3 was that the has foreign activity had passive income that generated less than $300 of foreign taxes thus they were not obligated to provide a K1 unless you specifically asked for one.

@alaniboris

[alaniboris]

I am still confused...

The K-3 was included with the K-1 because of foreign tax transactions relating to a few countries with dismal income of less than $200 per country.  And this triggered the paid foreign tax amount of $164!

Since the k-3 input instructions are not very easy to follow on TurboTax, how do I best complete this section without causing errors that are equally as challenging to clear as the input!!!

Is there another less "brain damaging" alternative to this nightmare of a form?  

Thanks!

[DaveF1006]

No, nothing is difficult about this. Go to Box 16 ,where you enter your K1 information. Check you received a K-3, since you are reporting K-1 activity. 

1.  When it asks for the foreign country,, select various. 
2. Next screen asks, the type of income. Select Foreign Gross income, passive category.  Put in the total for all the countries. After you select this, press continue.
3. Deductions you can leave blank.  press continue
4. For the foreign taxes paid, you will enter $164 in the first box.
5. For the Foreign income Exclusion, select no.
6. Next screen you may wish to indicate your investment is at risk.
7. You are now done entering information in this section.

@alaniboris