Question

Need K3 Support from Expert

Forum|Forum|2 years ago
August 8, 2023
1 reply
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On the K1

L16 is checked indicating K3 is attached.

L21 is blank (foreign taxes paid or accrued)

On the K3:

In Part II, Section 1 L24 - column C (passive category income) has a$$ in it but there is no country referenced until Part VIII. In Part VIII CA is referenced.

'I have a K1 created and filled out already - do I need to create one for Canada?

M

Mike9241

part VIII doesn't apply unless you are a corporation.

it is not possible to tell you what to do with part II line24 since there should also be an amount on any of the lines 1 through 20. line 24 is a total of the lines above.

either you contact the partnership for the missing info in part II (the country in the description column - probably Canada - and the appropriate line info lines 1 thru 20) or don't enter anything and uncheck the K-3 box on the k-1. if you have no FTC from other sources even having the info will not benefit you. if you do and have a foreign tax credit limitation getting the info might increase the allowable FTC

there is no such thing as a Canadian K-1 since you're doing a 1040.