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March 18, 2023
Question

How do I enter incoming K-3 information? I recieved it with my K-1.

  • March 18, 2023
  • 1 reply
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I received incoming K-1 from my partnership has Box 16 checked with the attached K-3.  How do I enter the K-3 information on my TurboTax business desktop version?  I've already completed my entry of the K-1 information and there are no foreign taxes on the K-1 or K-3.

1 reply

LindaS5247
March 19, 2023

You can access and enter Schedule K-3 using Forms mode in TurboTax for desktop. This will allow you to enter the additional information from the K-3 you received.

 

  1. Open your return and click on the Forms icon in the TurboTax header.
  2. Look for K-1 Partner for the related Schedule K-1 in the left column.
  3. Click the form name to open it in the large window.
  4. Scroll down below Box 16 for the Schedule K-3 Worksheet.
  5. Enter the information from the Schedule K-3 you received on the appropriate lines of the worksheet.
    Note those with asterisks do not flow to other tax forms; you'll need to enter this information manually in what form is appropriate. Also note the QuickZoom link for Foreign Tax information.

Click here for Partner's Instructions for Schedule K-3's 2022.

 

Per this IRS guidance:  New exception to completing Schedule K-3.

Under a new exception, in certain cases, partnerships with no or limited foreign activity are not required to furnish Schedule K-3 to you for tax years beginning in 2022. See Domestic Filing Exception in the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).


 


 

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leap500Author
March 19, 2023

I don't see any K-3 Worksheet after Box 16. After Box 16 to 21 is a Section A - Qualified Business Income Deduction - Statement A Information.

LindaS5247
March 19, 2023

Switch to Forms Mode.

 

Over to left side on your screen type in K-1 and click on the K-1 Form.

 

 

 

 

 

 

 

 

 

 

 

 

 

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