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K3 Received No PLACE To enter data

Forum|Forum|3 years ago
March 31, 2023
1 reply
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HELLO EVERYBODY,

Well after 2 hours on a tech call with Intuit support I feel as though I have gotten nowhere with no answer either.

I am preparing an 1120s return.

I received a K1 from an investment the 1120 client is a partner in.

It is a 1065 K1 received. Along with the K1, a K3 was received and box 16 on the K1 is checked.

Box 16 is: "schedule K-3 is attache if checked" Box 16 is checked and I do have a K3.

Now I have this stupid 17 page K3 and Pro-Series doesn't have anyplace for me to enter the data received on the K3.

They gave me a workaround but I am fearful this work-around won't work as they made me create a new schedule K1 for the corporation. It just doesn't seem right.

Any input from the Community would be helpful and appreciated.

Thank you

Dale RJ Peronteau

American Eagle Consulting, Inc.

ProSeries Professional

This topic has been closed for replies.

Best answer by sjrcpa

US Only

Then fuhgeddaboudit

I assumed (bad on me) you needed the info for the S corp return.

sjrcpa

Level 15

I would add the partnership K-3 amounts to the K-3 you are preparing for the S Corp.

The more I know the more I don’t know.

D

DPeronteauAuthor

Level 3

I don't understand your answer.

I am NOT, (that I know of) preparing a K3 for the corporation. The corporation has no foreign revenues of any kind.

i simply received a K3 included from one of our investment's K1 as i said . There is no place to put this information into Pro-Series that i can see.

In PRO-SERIES, There is even a disclaimer on the Box 16 entry screen stating:

CAUTION: Incoming K-3 information must be manually entered in the appropriate location on return.

YET No instructions exist anywhere as to where that APPROPRIATE location on the return it resides.

i must admit, this is my very first exposure to a K-3 and i am moderately confused about the process.

Any further clarification of where you mean: add the partnership K-3 amount to the K3 you are preparing for the S-Corp would be helpful. Because i received this K3, do i now need to prepare a K3 for the corp?

Thanks,

Dale

sjrcpa

Level 15

Does the K-3 from the partnership have foreign items on it? Or US only?

The more I know the more I don’t know.

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