Welcome Guest! To enable all features please Login. New Registrations are disabled.



Go to last post Go to first unread
#1 Posted : Tuesday, January 25, 2022 1:30:10 PM(UTC)

Rank: Administration

Posts: 280

Thanks: 3 times
Was thanked: 47 time(s) in 42 post(s)
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.
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.

Wanna join the discussion?! Login to your forum account. New Registrations are disabled.

Users browsing this topic
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Powered by YAF.NET | YAF.NET © 2003-2023, Yet Another Forum.NET
This page was generated in 0.024 seconds.