K-1/K-3
Does anybody have an answer for one of our partners who is trying to do her taxes?
---------- Forwarded message ---------
From: Valarie <>
Date: Sat, Mar 5, 2022 at 10:27 AM
Subject: Fw: K-1/K-3
To: John <>
From: Valarie <>
Date: Sat, Mar 5, 2022 at 10:27 AM
Subject: Fw: K-1/K-3
To: John <>
Hello again!
I seemed to have fixed the box 13 W* (7) issue by not listing it as a W code but entering it later in the "other deductions" for box 13 entry. I still have not listed the K-3 amount anywhere, but my software program doesn't see any errors even with listing
that I had a K-3. Do you know where the K-3 amount should be listed on the IRS form?
Thanks for all you do to keep our stock club progressing!
Valarie
Sent from Outlook
From: Valarie
Sent: Friday, March 4, 2022 10:17 PM
To: John Rice
Subject: K-1/K-3
Sent: Friday, March 4, 2022 10:17 PM
To: John Rice
Subject: K-1/K-3
Hi John,
I'm trying to figure out how to report the Box 13 W* (7) and K-3 (3.58) amounts in my H&R Block tax program. The program flagged the W code with the notice below which says it may or may not need to be fixed. I also didn't see anywhere to report the K-3 amount
- maybe I don't even need to. I'll include what the program says about the K-3 below as well. Do you have any suggestions? Thanks! Valarie
Sent from Outlook
Schedule K-3 is only needed if someone needs to complete Form 1116, Foreign Tax Credit.. Most taxpayers can claim their foreign tax credit directly on Schedule 3, line 1 without having to complete Form 1116.
Ira Smilovitz
Does anybody have an answer for one of our partners who is trying to do her taxes?---------- Forwarded message ---------
From: Valarie <>
Date: Sat, Mar 5, 2022 at 10:27 AM
Subject: Fw: K-1/K-3
To: John <>
Hello again!
I seemed to have fixed the box 13 W* (7) issue by not listing it as a W code but entering it later in the "other deductions" for box 13 entry. I still have not listed the K-3 amount anywhere, but my software program doesn't see any errors even with listing that I had a K-3. Do you know where the K-3 amount should be listed on the IRS form?
Thanks for all you do to keep our stock club progressing!
Valarie
Sent from Outlook
From: Valarie
Sent: Friday, March 4, 2022 10:17 PM
To: John Rice
Subject: K-1/K-3Hi John,
I'm trying to figure out how to report the Box 13 W* (7) and K-3 (3.58) amounts in my H&R Block tax program. The program flagged the W code with the notice below which says it may or may not need to be fixed. I also didn't see anywhere to report the K-3 amount - maybe I don't even need to. I'll include what the program says about the K-3 below as well. Do you have any suggestions? Thanks! Valarie
Sent from Outlook