Need help! Working on Form 1065 and the client has an investment account that has foreign tax paid through dividends. Do I need to prepare the Schedule K-2 and if so where do I put the information?
I did my first (and only one so far) about 2 weeks ago. It is a lot of work. It is not something someone on here and tell you how to do as it is very extensive. You don't just report the foreign income but all income on the partnership for all areas on the forms.
I will be filing extensions on all of mine or sending clients elsewhere in the future. I attended a seminar on this and they were very vague on how to fill out the forms. Heck NATP hasn't even planned a course or seminar on this yet.
I think there is still a lot of confusion about the K-3, yes even at NATP.
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Cheers
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