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- How do I keep Line 24, Part 2 of K-3 from adding ordinary and qualified dividends together
How do I keep Line 24, Part 2 of K-3 from adding ordinary and qualified dividends together
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eeyore
Level 3
08-10-2022
03:15 PM
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Preparing a K-2 for a partnership with only US Source Income. The only income is dividends, and all of the dividends are qualified dividends. I must be doing something wrong, because the K-3 to the partners shows the ordinary dividends on line 7 (I was thinking this line should be blank), and the qualified dividends on line 8. As a result, line 24 is adding these two lines together, and consequently overstating total income. Interestingly, the K-2 is generating correctly-nothing for ordinary dividends, and line 24 is correct.
Since all of the partnership income is US source, absolutely nothing foreign going on, I checked the box in screen 78 "Compute US source gross income and deductions (if no foreign activity)". Unchecking the box didn't resolve the problem.
Any thoughts on what I'm doing wrong, or not doing?
Thanks!
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