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Turbo Tax and K-3's

Hi All,

We are not Turbo Tax experts, but we have been getting a lot of questions on how to enter the K-3 information into Turbo Tax. Up until yesterday, they did not have that functionality working.

Happy to report that it is working now so, if you use Turbo Tax to prepare your personal tax returns, you will be able to address any K-3 information you had reported on your club tax forms.

Laurie Frederiksen
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Thanks for your help

On Thu, Mar 24, 2022, 8:57 AM Laurie Frederiksen <laurie@bivio.biz> wrote:

Hi All,

We are not Turbo Tax experts, but we have been getting a lot of questions on how to enter the K-3 information into Turbo Tax. Up until yesterday, they did not have that functionality working.

Happy to report that it is working now so, if you use Turbo Tax to prepare your personal tax returns, you will be able to address any K-3 information you had reported on your club tax forms.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe

Can you please take me off the email list?  I've tried by "unsubscribing" but it doesn't seem to take.  Thank you.

Morgan Lamarche

On Mar 24, 2022, at 9:57 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:

Hi All,

We are not Turbo Tax experts,  but we have been getting a lot of questions on how to enter the K-3 information into Turbo Tax.  Up until yesterday,  they did not have that functionality working.

Happy to report that it is working now so, if you use Turbo Tax to prepare your personal tax returns,  you will be able to address any K-3 information you had reported on your club tax forms.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend!  www.facebook.com/bivio
Follow us on twitter!  www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list.  Click here to  Unsubscribe


Laurie,

Thank you for this good news. Sometimes procrastinating pays off - I haven't started my Turbo Tax yet.

Jeri Morgan, Mutual Investors Group of Cheney

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen
Sent: Thursday, March 24, 2022 6:57 AM
To: The Club Cafe <club_cafe@bivio.com>
Subject: [club_cafe] Turbo Tax and K-3's

Hi All,

We are not Turbo Tax experts,  but we have been getting a lot of questions on how to enter the K-3 information into Turbo Tax.  Up until yesterday,  they did not have that functionality working.

Happy to report that it is working now so, if you use Turbo Tax to prepare your personal tax returns,  you will be able to address any K-3 information you had reported on your club tax forms.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend!  www.facebook.com/bivio
Follow us on twitter!  www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list.  Click here to  Unsubscribe

I just went onto Turbo Tax and it updated today. I could
find no place to enter K3, what am I missing?
Go to "View" in the toolbar, click on "Forms" in the drop
down.
Scroll down the "Forms in My Return" to the K-1.
Open the K-1, scroll down to line 16. Right below line 16,
is now a box titled "Schedule K-3 Foreign Transactions Smart
worksheet.

If you are using the Interview mode, while working through
the screens of the K-1, you will reach a screen asking "Is
box 16 checked on your K-1?" Answering "Yes" will lead you
through screens to input K-3 data.

If neither of these work, you probably haven't downloaded
the most recent update files.
Jack
We have foreign tax pay from 2 different countries and going through the TT forms it appears to only allow 1 country per K1 form. At enter info from Schedule K-3 it says NOTE You must enter separate K-1 worksheets if you have more than one type of foreign gross income in columns (b), (c), (d) and/or (e). Does that make sense? Do I create a K-1 with just the income from the first country and another one with just the income from the second country?

On Thu, Mar 24, 2022 at 5:19 PM John W Ranby Trustee PGM Cariboo Trust via bivio.com <user*15792700001@bivio.com> wrote:
Go to "View" in the toolbar, click on "Forms" in the drop
down.
Scroll down the "Forms in My Return" to the K-1.
Open the K-1, scroll down to line 16. Right below line 16,
is now a box titled "Schedule K-3 Foreign Transactions Smart
worksheet.

If you are using the Interview mode, while working through
the screens of the K-1, you will reach a screen asking "Is
box 16 checked on your K-1?" Answering "Yes" will lead you
through screens to input K-3 data.

If neither of these work, you probably haven't downloaded
the most recent update files.
Jack
I also have Foreign Tax Income on my K-3 form from two
countries. The first country is Belgium where I reported
$25.31 income. The second entry is RIC with an amount of
$0.72. Must I also complete a whole additional K-1 for the
RIC income of 72 cents?