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March 12, 2025
Question

K-1 Box 14 no entry slots for foreign tax amounts

  • March 12, 2025
  • 1 reply
  • 0 views

The software for K-1, Box  14B shows my foreign income for 2023 but there are no entry boxes for 2024 income.

    1 reply

    DaveF1006
    March 13, 2025

    There's a K-3 requirement this year that requires you to enter information to determine your foreign income for the year so that your foreign tax may be calculated correctly. Check to see if you received a K-3 with your return. If so, here are the steps you will need to take. If you don't have a K-3, check to see if there's information in a supplemental statement.

     

    1. As you prepare your K-1, you will check Box 14.
    2. As you prepare your return, you are directed to box 14, here in the drop-down, you will select foreign taxes.
    3. Then a next screen will appear asking you to select a country, gross income income sourced at beneficiary, US sourced income, Foreign sourced income.  This information is normally on a K-3 but may be disclosed in a supplementary statement that came with your K-1.
    4. Then it asks for an income category.  This should also be disclosed in a K-3 or a statement.
    5. Then it will ask for interest and deductions
    6. There will be other screens that will follow and if you don't have information for these screens, leave these blank.

    If you have no K-3 or if you can't find this information in a statement, you may not have foreign income this year to report. You may wish to confirm this fact with your administrator that issued the K-1. 

     

     

     

     

     

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