How to enter foreign tax and income on K-2 when don't know countries?

Forum|Forum|3 years ago
March 6, 2023
1 reply
29 views

I am preparing a partnership return. The partnership has income from some Vanguard foreign funds. The Vanguard statement that was provided shows the percentage of income from the funds that is foreign, but it doesn't list the countries. How do I enter this on the K-2? I tried to use the other category code that says partner determines, but it still wants the countries. Haven't been able

ProSeries Professional

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itonewbie

Level 15

In this case, you'd simply select RIC = Regulated Investment Company Pass-Through Amounts. This is an exception to the general requirement of reporting in gross income.

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J

janice-mcclellanAuthor

Level 3

I tried that. But Proseries still gives an error for not entering a country. Then I tried entering RIC and a country, just to see what Proseries would do. It gives me an error for entering both. I wonder if the error for not entering a company will prevent me from efiling?

itonewbie

Level 15

You should just need RIC. That would be used in placed of a country where the foreign tax withholding flows through from an RIC.

---------------------------------------------------------------------------------Still an AllStar

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