What does TT want in the K-3, Enter deduction information, Line 54, col. F, then another col. F?

Forum|Forum|3 years ago
April 7, 2023
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Enter deduction information: On your Schedule K-3, go to Part II, Section 2, Line 54 to fill out the information below.
Then their are fields for each column, but for some reason skipping over column A, and starting with column B, then C, then D, then E, then F, then another F with a different description in parentheses. But there is only one column F on the K-3, so what does TT want here?
Deduction allocated at individual level - Interest expense (Column F - Sum of lines 39,40,41,42,43)
Deduction allocated at individual level - Other (Column F - Line 54 minus sum of lines 39,40,41,42,43) ?

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Best answer by AliciaP1

For your tax return information and calculating any potential foreign tax credit, the column a, U.S. Source, information is not used because it is not representing foreign transactions if you are a US-based partner/shareholder.

The calculations for the amount to enter are different, but the column is the same - just different lines. So, use the column f amounts from your K-3, and for the Interest Expense calculation add lines 39, 40, 41, 42, and 43 and report the total in the box. For the next box for Other, use the column f amounts from your K-3 and subtract the previously calculated amount from line 54 and enter the result in this box.

For example: Column f line 39 = $5, 40 = $50, 41 = $1,200, 42 = $3,000, and 43 = $0, the first box (Interest Expense) would be $4,255.

And Column f line 54 = $10,000, the second box (Other) would be $5,745

AliciaP1Answer

For example: Column f line 39 = $5, 40 = $50, 41 = $1,200, 42 = $3,000, and 43 = $0, the first box (Interest Expense) would be $4,255.

And Column f line 54 = $10,000, the second box (Other) would be $5,745

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jdm88Author

Employee

Thank you for the reply, but column F is on line 54. Line 54 has 7 columns, A thru G. What part of line 54 is used in the calculation? The entire TT webpage is to enter values from the various columns from line 54. So, when the calculation says 'line 54', what does that mean? Again, their are 7 columns on line 54.