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

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 Comment 1
PhoebeRoberts
Level 11
Level 11

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.