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Level 3
September 10, 2022
Question

Schedule K-1 line 16

  • September 10, 2022
  • 2 replies
  • 22 views

The Schedule K-1 has line 16 checked but the K-3 form attached to it has nothing entered under foreign sources.  Only amounts are under US source all the lines are blank for foreign source (and it is not a foreign property, its in the US).  Turbotax flags it.  Do i uncheck it or ignore the flag when I do turbotax review?

2 replies

Mike9241
Level 15
Level 15
September 10, 2022

i would suggest deleting the k-3 data and then unchecking the box. 

Mike9241
mas1998Author
Level 3
September 11, 2022

But won't the IRS see the K-1 with line 16 checked and think I am hiding foreign money?