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shah6715
Returning Member

K-3 Part II Section 1 - US Income

I have a K-3 with Grosee Income (Line 3) and Interes Income (Line 4) showing in Part II Section 1.  But the source is listed as 'US'.  It looks like TurboTax is expecting this to be foreign Income.  On the screen where it asks:  'On your Schedule K-3, go to Part II, Section 1, Line 24 go to Lines A, B and C and enter the foreign country for which you are reporting foreign tax paid or accured', I select ''not applicable' since the source is US.  On the next screen where it asks for info from columns B - G, I have zeroes in B-F.  I have values in column A and G.  Do I just enter the value in column G.  Is there someplace where I would specify the value in column A.  Thanks for your help.

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1 Reply

K-3 Part II Section 1 - US Income

Turbotax is following the law because box 16 is checked which requires completion of the k-3.  unless you are a foreign unitholder or are getting foreign tax credits on line 21uncheck box 16 and enter no K-3 info. there probably is something in the transmittal letter that says the partnership's only income is US-sourced so US citizens except in the case of getting the FTC do not file K-3.

 

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