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Level 2
posted Oct 9, 2022 11:56:51 AM

Why foreign tax paid in K-1 form not credited?

I paid some foreign tax in K-1 form, but it is not included as foreign tax credit, why?

Is this a bug in Turbo Tax?  PC Deluxe Windows version.

 

Thanks.

Yonghai

0 2 253
2 Replies
Level 15
Oct 9, 2022 12:36:22 PM

did you fill out the k-3 section? it's required for 2021. as part of your k-1 package for 2021, you should have received a 20 page k-3. most of it is not relevant to US citizens but part 2 contains the info to actually get the FTC.  most k-3 came out well after the k-1 because the IRS had not finalized it and then software apps need to prepare it had to be written once finalize and incorporated into the 1065 or 1120-S.  

Level 2
Oct 9, 2022 7:00:05 PM

My god, 20 pages! 

I see it now, I feel the time to file this 20 pages is worth more than the credit I will receive it.

 

I double checked Turbo Tax, it doesn't ask me any question about K-3, where to file K-3? Can it be imported automatically?