K1 with box 16 checked but do not have Foreign Income - TurboTax
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K1 with box 16 checked but do not have Foreign Income - TurboTax The K1 has RIC income from a REIT and RIC is one of the pull down choices instead of a country source for the income when entering K3 information. TurboTax issues a Smart Check error that there are no foreign transations. Any suggestions on how to resolve this? Thanks in advance for any thoughts. scott Unless someone has specific knowledge, this is an issue to raise with TT support. Ira Smilovitz The K1 has RIC income from a REIT and RIC is one of the pull The K-3 is provided, not necessarily because the club has foreign income, but because the data presented in the format of the Schedule K-3 may be important to the preparation of your personal income tax return. Making choices within a tax preparation program in order to get a desired result without understanding why those choices are being made can lead to significant problems down the road. I can't tell you what you are doing is correct or problem free. Ira Smilovitz Thank you Mr. Smilovitz: Thank you so much. I wish the tax code was as clear as your response. Scott
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