K-2 and K-3 forms how is turbotax addressing this requirement

[davidtayar]

what if we are required to enter the k-3 info on our 1040? is TT ever going to update its 1040 software to allow us to enter the info?

[davidtayar]

not every one is exempt from filing this year. IRS clarifies as to which taxpayers are exempt.

[davidtayar]

today is march 20

[CarissaM]

@davidtayar Here is a great explanation of this issue here. If you need further assistance, please follow the instructions here to contact us by phone. 

[jtapajna]

My Schedule k-3 has line 16 entries but the partnership is a fiscal year partnership and not subject to the K-3 requirements in 2021. How can I enter this?

[straus1879]

Good news.  Probably the TurboTax program should be fixed so that it automatically allows for this.  I will go back and uncheck box 16 on my K-1.

[snackdog]

It looks like there is an update today that allows you to add relevant K-3 information. Since my K-3 is essentially blank, I needed to enter a 0 to the first gross foreign income field so it would create a blank K-3 form so smart check passes.

[jtapajna]

Thanks for the info!!

[Len Spinoso]

What do I do with K-3 info received?

[jtapajna]

There is a new TT input screen for K-3 info

[snackdog]

I was able to su bit it with the box checked in the new update. I had to put one 0 in the k-3 to register it. 

[GJPawl]

I have seven countries to report in form K-3, all with the same type of income (general category income).  So I should only need to file one K-1, but need seven K-3s.  I don't see a way to add the additional six countries after entering the information for the first.

[wbraden3]

1.  I am going to ignore the separate countries.  (How do they affect my taxes, anyway?)  I'm putting country as Various and using the totals.

2. Note, when you check the K-3 box and fill out the K-3 worksheet, you're not done.  In order to claim the credit, go to the bottom of the K-3 worksheet where it says QuickZoom to enter additional foreign tax info, and it zooms to the place where you used to enter it before K-3 was invented.  Only then will it populate form 1116.

[mejdev]

How okay is it to ignore separate countries and sum it all up?  Is the separate countries thing only to be able to get specific deductions?

I have 39 countries listed on my K-3s, but low sales in most of those countries combined with my 0.1% ownership, I just have $1-$10 reported for many.

[wbraden3]

@mejdev 

I don't see how the identity of the foreign country makes any difference to your tax liability.  So I am lumping them all together, as I noted.

I wonder if this is a project by the Treasury to find out what other countries are collecting.