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tariyal
New Member

My K-3 has foreign income from 2 sources. The turbo tax instructions state I need to enter multiple K-1's which I've done, but it has double counted the income?

How do i enter 2 different countries on K-3 in the same K-1, without entering 2 K-1s?
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Accepted Solutions

My K-3 has foreign income from 2 sources. The turbo tax instructions state I need to enter multiple K-1's which I've done, but it has double counted the income?

one way is to use "various" for countries and then combine amounts. this assumes none of the items need special treatment. for example items subject to Hign Tax Kick Out. see 1116 instructions - should be noted on k-3 or use two k-1's. use the same EIN for both but on the second only enter the k-3 info for the second country.

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2 Replies

My K-3 has foreign income from 2 sources. The turbo tax instructions state I need to enter multiple K-1's which I've done, but it has double counted the income?

one way is to use "various" for countries and then combine amounts. this assumes none of the items need special treatment. for example items subject to Hign Tax Kick Out. see 1116 instructions - should be noted on k-3 or use two k-1's. use the same EIN for both but on the second only enter the k-3 info for the second country.

.  

 

 

tariyal
New Member

My K-3 has foreign income from 2 sources. The turbo tax instructions state I need to enter multiple K-1's which I've done, but it has double counted the income?

Thank you.  That works!

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