schedule K-1, box 16 is checked (k-3)

[aergproperties]

"Go to the K-1 line 16 worksheet (right under where you checked (K-3 attached), and right click on line B (Gross income from all sources). The pop up will tell you for each line B through R exactly where on the K-3 to find the information. "

Is this answer for the TT Home & Business Edition?  I don't get the pop-up noted above from an earlier answer. Now what?

I have only US income from my K-1, but TT requires a Foreign Portion entered,  because I have a K-3. And entering zero does not work.

[Smarc]

I’ve got the Federal and State version of TurboTax, but I can’t see why they wouldn’t have that in your version. It does let you enter a K-1 right?

You may need to go to forms view instead of just the easy method. Look and see if you get a K-3 worksheet popping up on the left side listing (in forms view) after you check box 16 on the K-1 to indicate K-3 info is attached. 

[nke16]

Did you found any solution for this? Forms view is not available for TT online version. I am also struck on this same issue and not able to submit my return

Your help is appreciated.

[DaveF1006]

Be sure to edit your k-1.  When you reach an entry that looks like the screenshot below, uncheck Box 16 if it is checked. If you have done this and still receive a message, i would suggest deleting the K1 and then reenter. 

Also i would go to the left black panel of your program and go to tax tools>tools>delete a form>delete the k1.  After doing this, sign out of your return and sign back in again so the changes can be made.

Meanwhile, I have included this screenshot to uncheck the box 16 if you haven't tried this already.

@nke16 

[tonynick1]

Frustrating that TurboTax has still not resolved the K-3 issue. Filing for 2022 tax year and the same issue still exists. No option to choose US as a country. 

[HopeS]

The K-3 is used to report foreign income.  If you know you will not receive foreign income or do not feel the K-3 applies to you then you can uncheck box 16.  However, if you receive a K-3 at a later date with foreign income you will need to amend your return to include the income.  If you will be receiving the K-3 with foreign income, you should file for an extension and file the return once the K-3 is received.  Keep in mind that an extension gives additional time to file but not to pay your taxes.  If you know a balance will be due, you will need to make an estimated payment to cover the tax to avoid any penalties for not pre-paying tax.

@tonynick1 

[tonynick1]

Thank you for the response Hope S. Hopefully you can shed more light on my predictament as stated below.

My trouble is that Turbo tax doesn't list the US as a country when asked for the country?

My K-3 states $$ in  all the columns noted are US, ie Part II Section 1, column a, line 24. Also in line 33,34,37,40 all in column a. In addiiton $$ values in line 41,43 under column f . All line items carry over to column g (total).

Finally in line 53 and 54 stating deductions under column a (US source) and carried over to columns f and g.

What am I to do with these values, uncheck box 16 under K-1 and ignore them cause there US source?

Turbo tax is weak on this, second year in a row with no details on how to address these scenarios.

Thank you.

[Jasmith63]

I had to switch to the TT download to complete this and a few other things.  the online is a mess and missing so much.

[tonynick1]

Download? I can download the software verses doing on line? I didn't know that was an option. How do I do that? I have so far been working online.

I'm having hugh issues with form 8949 filling out. It will only enter one account number / line item where as I have several accounts with both short and long term covered and uncovered capital gains / losses. Calling TT has been dreadful! 

[fanfare]

if you haven't paid any money

abandon TurboTax Online and go to Intuit to purchase the TurboTax CD/download  version for your PC.

"Deluxe" option is sufficient for stocks/investments reporting.

I signed in to the TurboTax Online this year to check it out, and it was horrible.

@tonynick1 

[Jasmith63]

No, like the other responder said , pay the $50 or so to buy the CD download. It will save hours of aggravation and likely money as you won't miss deductions or credits, or risk screwing up. You can just autoload the 1099 etc for your cap gains.   Online version is a mess and i spent many hours on it befire scrapping. Even with forms, k1 with US only income is still confusing. I am surprised the "experts " on here continue to say just uncheck the box.  If that was correct then the worksheet shouldn't say to checkthe box if k3 received. As other taxpayers on here recommended i left the country in A blank, put US income in B.  (While in the form, if you tap tax help in upper right it gives you instructions for filling out worksheet though still cumbersome). TT needs to fix this and stop giving contradictory guidance. (This was clearly an issue last year too as searching the history for k1 brings up the exact same customer questions from last year).

[Jasmith63]

To be more clear, buy it and download from amazon or intuit directly

[Smarc]

Great answer! People saying “just uncheck the box” are forgetting that the IRS gets a copy of the K-1 from the partnership. So unchecking the box has two outcomes, the IRS says , gee the box for potential foreign income is checked, but they unchecked it, so it must be US income” or they’ll say “your return doesn’t match the submitted K-1, so we’re taking a closer look at your return”.

Buy the actual TurboTax product, so you have access to Forms View.  I use forms view for all input, I don’t even bother with the interview/easy guide method, it’s too slow and cumbersome. Plus forms view tells you at a glance which forms you haven’t finished yet. 

[Smarc]

Or you could go to “View” at the upper left, “forms” and view the K-1 directly and enter the K-3 data in the smar5 worksheet right under where box 16 is checked.

The IRS gets the K-1 saying there is K-3 info included. So your method of just unchecking the box is “trust me IRS, nothing to see here”. Do it right and just enter the data on the K-3 lines instead of risking an audit. 

[tonynick1]

Thank you for the advise. I think this will be the last time I use Turbo tax. I already paid for it. I did so I could look at the forms. Oddly for 8949 for capital gains losses is not fulling in fully. Multiple accounts and only one account is showing up. Turbo tax expert says 8949 not needed! Ugh. 

And of course issues with K-3!

I will attempt to ask Turbo tax Intuit for a refund. And will attempt to start over with an alternative source.

Shame on Turbo Tax.