samsed
Level 2
05-04-2022
04:39 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
K-2 part 2 Foreign Tax Credit limitation, line5 asks for guaranteed payments. This ads up to Gross income. I've looked the instructions and it skips line 5 hah.. What am I not understanding correctly? isn't this were the guaranteed payments to each partner need to go split btw source? Am I to then include it twice under business expenses to come up with the net amount?
Best Answer Click here
Labels
George4Tacks
Level 15
05-05-2022
12:00 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
K-2 should be generated from other input. Guarantee payments are entered in Ordinary Income > Deductions > Guarantee Payments.
Answers are easy. Questions are hard!
samsed
Level 2
05-06-2022
02:59 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
hmm no, I've entered it there. I'm using proconnect. Perhaps in another software it flows through automatically to the K-2 but not pro connect online : (
samsed
Level 2
05-06-2022
03:02 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I take that back You were 100% correct 🙂 thank you
welp no, I was wrong again. I entered it there exactly, but it ads up to the income not deductions. It seems like it's supposed to do that since it's located under gross income. It's just strange
