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How do I enter Schedule K-3 in TurboTax?

SOLVEDby TurboTax72Updated February 23, 2024

Schedule K-3 is an extension of Schedule K-1 of Form 1065 or 1120-S. It’s generally used to report a partner’s or shareholder’s portion of the items reported on Schedule K-2. Partners or shareholders must include Schedule K-3 information on their tax returns if applicable.

Follow these steps to enter your K-3 in TurboTax:

  1. First, enter your Schedule K-1 by following these steps.
  2. On the Check boxes that have an amount or are checked on the form screen, select box 16 or 14 (whichever is true for you), then Continue.
  3. When you get to the screen Is box 16 checked on your K-1? (or 14 depending on your form), mark Yes.
  4. We'll then ask you some questions about your K-3.
  5. If you have only one category of foreign income in columns (b) through (e), but multiple countries, choose Various in the dropdown for Foreign Country or U.S. Possession on the Enter info from your Schedule K-3 screen.
  6. Check if your Schedule K-3 has more than one type of foreign gross income in columns (b), (c), (d), or (e).
    • If it does, you’ll have to enter additional Schedule K-1s for the same business.

If your K-3 has amounts in multiple columns (b) through (e), use a separate K-1 worksheet for each column. You can still add countries in the same column and use Various as your Foreign Country.

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