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February 18, 2024
Question

Schedule K-3 if income is only in US 2023

  • February 18, 2024
  • 1 reply
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Do I need to enter 2023 Schedule K-3 if income is only in US?  Will TT import K-3?

    1 reply

    PatriciaV
    Employee
    February 19, 2024

    Yes, you should enter Schedule K-3 information. It's possible the Schedule K-3 may apply to your tax return even though the partnership has no foreign activity. 


    Per IRS Instructions for Form 1065 Schedule K-3: " A partnership with no foreign source income, no assets generating foreign source income, and no foreign taxes paid or accrued may be reporting information to partners on Schedules K-3. For example, if you claim a credit for foreign taxes paid and/or accrued separately from your partnership interest, you may need certain information from the partnership to complete Form 1116 or Form 1118."

     

    Yes, you may be able to import Schedule K-3 if it is available in .TXF format. See this link for instructions on how to import: How to upload TurboTax.txf files into TurboTax Schedule K-1, Form 1065

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