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Returning Member
posted Apr 11, 2023 5:05:57 PM

Sch K-1 Wks-Partnerships: Box 16 is checked, but there are no entries in the Schedule K-3

Hi,

I have a schedule K-1 with box 16 checked and I have the K-3 for it.

 

In schedule K-3, Part II, Section 1, the only country listed is US.  However, in TurboTax, the field "Name of country or US Possession" does not have a choice for US.

 

What should I choose?

 

Thanks

0 4 523
4 Replies
Expert Alumni
Apr 12, 2023 5:51:07 AM

While entering the K-1 via step-by-step, look for the page "Enter info from your Schedule K-3." In the drop-down for Foreign Country of US Possession, choose "Various" for US-sourced foreign income.

Returning Member
Apr 12, 2023 4:40:22 PM

Hi,

 

My K-3 has 1 row in Part II Section 1 line 24 for US.  column a US Source has 100, b to f is 0, then (g) Total is 100.

 

In TurboTax interview, Foreign Gross income - Gross income from all sources (Column G).  What should be the number then?  100?  But 100 is US source, not Foreign Gross.

 

Thanks

Returning Member
Apr 12, 2023 4:48:54 PM

Another K-3 has a row for US and has non-zero value in column F.  Since TurboTax is asking for "Foreign Gross income", should I enter the number as is or enter 0?

Expert Alumni
Apr 18, 2023 3:10:41 PM

If you have no other foreign income or foreign tax credits to report on your return you do not have to include the K-3. Keep it with your tax records.