I have a K-1 with values listed in boxes 1, 2, and 3. Based on this thread (https://ttlc.intuit.com/community/taxes/discussion/proper-filing-of-schedule-k-1-with-multiple-sourc...), I understand that I'll need to create 3 separate K-1 entries in TT to handle this.
The same K-1 has an attached K-3 with multiple foreign countries listed which have multiple values in Section I, Row 24 across columns (b), (c), and (d). Based on this thread (https://ttlc.intuit.com/community/taxes/discussion/turb[product key removed]-k-3-has-a-bug-need-fixi...), I understand that I'll need to create separate K-1 entries in TT to handle the multiple categories of foreign source income.
It appears I might need to create 6 separate K-1s in TT:
(1) K-1 Box 1 income and all K-1 box values other than Boxes 2 and 3 [and 16]. Ignore K-3.
(2) K-1 Box 2 income. Ignore all other K-1 box values and K-3.
(3) K-1 Box 3 income. Ignore all other K-1 box values and K-3.
(4) K-3 Section I, Row 24, Column (b). Include total under country named 'Various'. Ignore all K-1 box values and all other K-3 values.
(5) K-3 Section I, Row 24, Column (c). Include total under country named 'Various'. Ignore all K-1 box values and all other K-3 values.
(6) K-3 Section I, Row 24, Column (d). Include total under country named 'Various'. Ignore all K-1 box values and all other K-3 values.
The K-3 attachment indicates that row 54 values for columns (b), (c), and (d) are all US-based, so I'm assuming I would not be entering anything for row 54 in any of the K-1 entries in TT.
Does this approach sound on point? Anything I'm missing on need to reconsider? [I assume I could potentially combine them and do 1&4, 2&5, 3&6 together, but I'm thinking separating them out would be more sane to keep it straight in my head since TT requires separate entries for these two scenarios]
