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bethbrake
Level 3
September 11, 2024
Question

Partnership has $4700 in foreign taxes paid. partners are US. The tax was withheld on $61,000 divs. 1099 provides no breakdown by country. How to complete K-3

  • September 11, 2024
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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
September 11, 2024

Let us know what broker produces that 1099, so we can stay away from them! I've seen some super annoying ones that didn't provide any summary by country, but even those had a notation back in the supporting schedules as to which foreign country the tax was paid to, so you could go laboriously add up all the dividends for that payor and assign them to the correct country.

If it's all from mutual funds, use the country code RIC, which is the appropriate code for mutual funds.

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