K3 question

Forum|Forum|4 years ago
March 27, 2022
2 replies
0 views

Turbotax Home & Business says that on the K3, Line 54 is on Part II Section 1, but Line 54 is on Part II Section 2. Am I right about this? I want to be sure to enter the correct information and don't want to assume there is a mistake in the instructions.

PatriciaV

Level 15

Yes, you are correct. The line numbers in Schedule K-3 Part II are consecutive through Sections 1 and 2. But Line 54 does fall under Section 2 - Deductions.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Mary0111Author

Level 2

Thank you so much for your response. This puts my mind at ease.

ANDY012408

Level 3

THANK FOR ASKING THE SAME QUESTION I WAS GOING TO ASKED

ANOTHER QUESTION FOR YOU PLEASE

on schedule k-3 part 2 section 1 line 24 shows US source income of $1797

but on turbo tax (foreign gross income - gross income from all sources (collum G )

do I need to enter $ 1797 or just leave it alone since this is not a foreign income ?

thank you

BrittanyS

Level 12

The K-3 is used to report items of international tax relevance from the operation of a business. If there is no international income, you can uncheck box 16 and e-file your return.

However, you want to make sure you will not be receiving a K-3 at a later date that will include international income. If you receive a K-3 at a later date that provides for international income, you will need to amend your return to have the corrected K-3.

@ANDY012408

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"