The IRS added schedules K-2 and K-3 to partnership returns (form 1065) if the partnership had foreign source income this tax year. For most investment clubs this will mean dividends from companies incorporated outside the United States. As previously posted, the ICLUBcentral tax printer will generate and include these schedules, if appropriate, in a club's tax return.
A Schedule K-3 is generated for each club member showing their share of club foreign source income, the country of origin for this income and any foreign tax paid. This information is used by a club member to claim the credit for foreign tax paid. To claim a credit for foreign taxes paid an individual files form 1116 with their personal tax return. For more information on form 1116 here is a link to the IRS forms page for form 1116 and instructions for this form.
https://www.irs.gov/forms-pubs-search?search=1116
Disclaimer: I am not a tax professional. This is not advise on your personal tax situation. The information here is based on IRS publications. Please consult a tax professional for advise on your specific situation.
Russell