Hi, I am using TT Premier on desktop. I need help finding where in TT to enter values from Sched K-3, Part 2, Section 2 for U.S. source (columns a, g):Line #33: Allocable rental expenses - depreciation, depletion, and amortizationLine #34: Allocable rental expenses - other than depreciation, depletion, and amortizationLine #54: Total deductions (combine lines 25 through 53)Line #55: Net income (loss) (subtract line 54 from line 24)Thank you,Tulane

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Tulane

Question

Schedule K-3 Part 2, Section 2, Allocable rental expensesand Total Deductions

Forum|Forum|1 year ago
March 8, 2025
1 reply
0 views

Hi,

I am using TT Premier on desktop. I need help finding where in TT to enter values from Sched K-3, Part 2, Section 2 for U.S. source (columns a, g):

Line #33: Allocable rental expenses - depreciation, depletion, and amortization
Line #34: Allocable rental expenses - other than depreciation, depletion, and amortization
Line #54: Total deductions (combine lines 25 through 53)
Line #55: Net income (loss) (subtract line 54 from line 24)

Thank you,

Tulane

PatriciaV

Employee

Schedule K-3 reports foreign activity for the purposes of the Foreign Tax Credit. For this reason, there are no entry points for US income in TurboTax. However, you may need to refer to this information to complete Form 1116 or Form 1118. See the IRS Instructions for Schedule K-3 for further assistance.

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