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Marria93
New Member

Received a k3 - do I need to amend?

Hello,

I recently received an updated k1 form with an included k3. I'm unsure what to do with this new form. The numbers seem the same as from the original k1, just a longer k3 also attached now. Do I need to file an amended return to submit information from the k3? Does it depend on which portions of the k3 are filled out?

Thanks for the help!

2 Replies
tagteam
Level 15

Received a k3 - do I need to amend?

Probably not. I will page @Mike9241 for this.

Mike9241
Level 15

Received a k3 - do I need to amend?

i don't know what type of partnership you have or your ownership %.  Generally, most of the k-3 info is for a US individual to complete a foreign partnership return form 8865.  Generally, these are taxpayers that have 10% or more interest in a foreign partnership. my guess is that it's unlikely that a Turbotax user would be subject to such a filing. they would be using a professional firm because in such cases there may be additional forms that have to be filed that Turbotax does not handle.  

you'll notice that while the k-3 is about 20 pages most of it is for the 8865. Turbotax can handle only some of the items A through R and many don't flow to any other form or schedule 

i can't see what's on your K-3 but if it's reporting only US source income, then  after you enter what you can you will find nothing additional in your return

from my perspective, you should amend if you got any foreign tax credit (that would have shown on line 21 of the k-1). this is just playing it safe. For me, if nothing changes on the amended return which in many cases will be exactly what happens, I'm not filing it. 

then you would need to complete the k-3  lines A, C, I, J, and P or Q. you would also have to complete the additional foreign tax info section so form 1116 can be completed if you are taking the Foreign Tax Credit.

Amounts on other lines A to R go nowhere, 

 

 

 

 

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