How do I input Schedule K-3 information with a 1040 return using interview forms in CCH® ProSystem fx® Tax?
- Article Type:
- How To
- Last Modified:
- 11/05/2022
Objectives
Input Foreign transaction data received with a Schedule K-3 from a partnership or S Corporation return by Schedule K-1.
Environment
- CCH® ProSystem fx® Tax
- 1040
- Interview Forms - IVF
- 8865
- Schedule K-3 - Sch K-3
Procedure
In the 1040 system, the input for foreign income received through a K-1 has not changed in response to the Schedule K-3 - 2021 other than the descriptions of several fields now mention specific parts of the Schedule K-3.
- In IRS K-1 1065 Passthrough Income or Loss > page 2 and 3 - regarding line 16 - Foreign Transactions from Schedule K-3, populate Boxes 220-225, 226-228, 152, 409, 999, and 240 as applicable to the information received.
- In IRS K-1 1120S Passthrough Income or Loss > page 2 and 3 - regarding line 14 - Foreign Transactions from Schedule K-3, populate Boxes 180-187, 188, and 200 as applicable to the information received..
- If using Interview Form K-Series
- Go to Interview Form K-6.
- Select the applicable K-1 entity.
- In Boxes 45-49, and 53-63, input as applicable to the information received.
Additional Information
N/A
| Solution Id | 000256850/000139532 |
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