Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen K1Frgn - Form 1065/1041 Schedule K-1 - Foreign Transactions (1065)

Overview

Use this screen to enter data from Schedules K-1 received from other partnerships, estates, or trusts where the current partnership is a partner or beneficiary. Enter data from the current partnership in all other screens. The information in this screen automatically transfers to all related forms and schedules.
Screen arrangement
To the left of each field in the K1Frgn Screen, the application details the Form 1065 and Form 1041 Schedule K-1 line and code reference number, if applicable. The line and code reference number indicate where to enter each item from the passthrough Schedule K-1.
Data sharing
You can automatically share K-1 financial data among all 1040, 1041, 1120, and 1065 clients. For clients that are partners in a partnership, you can choose to share the Schedule K-1 financial data in total or by activity. (Financial data can transfer
into
 1120C clients, but not
out of
 these clients.) For details, see Data sharing overview.

Foreign Transactions

Use this section to enter data from the passthrough activity for the Schedule K, Foreign Transactions section. Use a separate screen for each country or U.S. possession and category of income for which the passthrough activity had income or paid or accrued taxes. The Foreign Transactions Worksheet completes when there is more than one country or U.S. possession or category of income.
Select the category of income for foreign source gross income and deductions allocated and apportioned at the partnership level. The application uses this information to determine where to report the foreign gross income and deductions on Schedules K and K-1.
Enter
X
 if the foreign income and foreign taxes were from a mutual fund or other regulated investment company (RIC). When you mark this field, "RIC" displays as the country name on Schedule K and the partnership and partner Foreign Transaction Worksheet. Regulated investment income (RIC) does not need to be reported on a country-by-country basis.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close