K3 Received No PLACE To enter data

[DPeronteau]

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.

[sjrcpa]

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

[DPeronteau]

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]

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

[DPeronteau]

US Only

[sjrcpa · Accepted solution]

Then  fuhgeddaboudit

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

[DPeronteau]

That's what I thought.  But, I just want to make sure i do the right thing for the client.

Dale

[albertng]

We encountered the same problem as there are no lines/pages to enter incoming K3 reporting on Form 1120-S for ProSeries.  Is it ok to just attach the K-3 form as a pdf to the Form 1120-S?

[TaxGuyBill]

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@albertng wrote:

 Is it ok to just attach the K-3 form as a pdf to the Form 1120-S?

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No.  Is there foreign income?  If so, you need to fill out a K-2 for the 1120-S.

[albertng]

The K-3 were solely US income. It seemed ProSeries does not support Form 1120-S for filling out the K-3 reporting items.