☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Apr 10, 2023 4:17:20 PM

How do I enter Schedule K-3 Part X?

I received a Form 1065 K-1 with an attached K-3. The K-3 contains only Part X. The TurboTax questionnaire only contained input prompts for Part I, II and III. What do I do?

0 3 318
1 Best answer
Expert Alumni
Apr 11, 2023 7:41:42 AM

Schedule K-3 Part X reports income and deductions for Foreign Partners. This would not apply to a US resident filing Form 1040, which is why TurboTax doesn't ask for this information.

3 Replies
Expert Alumni
Apr 11, 2023 7:41:42 AM

Schedule K-3 Part X reports income and deductions for Foreign Partners. This would not apply to a US resident filing Form 1040, which is why TurboTax doesn't ask for this information.

Level 2
Apr 17, 2023 11:40:27 PM

Unfortunately, TurboTax won't allow me to proceed with e-file if Box 16 is checked and no K-3 information is entered. Strangely, the included Part X of this K-3 only includes values in the (a) Total and (c) U.S. source columns. The partnership is US based and I am a US citizen. If there is no foreign source, can I just uncheck box 16 and disregard the K-3?

Expert Alumni
Apr 18, 2023 10:20:41 AM

If you have no other foreign income or foreign tax credits to report on your return you do not have to include the K-3. Keep it with your tax records.