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Level 1
September 6, 2024
Question

Do I need to report all K-3 information on my client's Form 1065 partnership from the investment K-1s it receives?

  • September 6, 2024
  • 1 reply
  • 3 views

Tax client receives 3 Private LLC investment company K1s;

Tax client's ownership interest .04 -.09%

Total income $34,022 from 20+ countries

Total Foreign Tax $935 paid or accrued.

 

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    1 reply

    PhoebeRoberts
    Intuit Community Champion
    September 6, 2024

    Yes, unless your 1065 qualifies for the exception to filing K-2 / K-3, it has to prepare a complete and accurate K-2 / K-3.