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K-3s

I just watched the webinar Preparing Your 2022 Club taxes and I am confused about who needs to opt out of K-3s. I understand the club can opt out when they meet all 4 criteria but I don't understand why a club member would need to request a K-3 from the club if the club meets all the criteria.

Thank you in advance for your help.

Charla Hurt

Freedom Financial Group

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Charla,

Any member of the club who has to file Form (Foreign Tax Credit) as part of their personal tax return will need information from Parts II and III of Schedule K-3 to complete the Form. The club can't know all of the personal tax situations of its members. However, the exceptions (domestic filing and 1116 exemption) provide circumstances where the club may only need to provide Schedule K-3 to those member(s) who need it. I'm sure this will be covered during the tax preparation webinar in February.

Ira Smilovitz

On Wed, Jan 4, 2023 at 8:27 PM Charla Hurt via bivio.com <user*28623400001@bivio.com> wrote:

I just watched the webinar Preparing Your 2022 Club taxes and I am confused about who needs to opt out of K-3s. I understand the club can opt out when they meet all 4 criteria but I don't understand why a club member would need to request a K-3 from the club if the club meets all the criteria.

Thank you in advance for your help.

Charla Hurt

Freedom Financial Group

Sent from Mail for Windows

Thank you Ira. I have registered for the tax prep webinar and am so thankful to have that help every year. When I give the written notice to members that they will need to request a K-3 I will encourage them to join the tax prep webinar with me so we can all be on the same page.

Thank you again for your time and expertise.

Charla Hurt

Sent from Mail for Windows

From: ira smilovitz via bivio.com
Sent: Wednesday, January 4, 2023 9:32 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] K-3s

Charla,

Any member of the club who has to file Form  (Foreign Tax Credit) as part of their personal tax return will need information from Parts II and III of Schedule K-3 to complete the Form. The club can't know all of the personal tax situations of its members. However, the exceptions (domestic filing and 1116 exemption) provide circumstances where the club may only need to provide Schedule K-3 to those member(s) who need it. I'm sure this will be covered during the tax preparation webinar in February.

Ira Smilovitz

On Wed, Jan 4, 2023 at 8:27 PM Charla Hurt via bivio.com <user*28623400001@bivio.com> wrote:

I just watched the webinar Preparing Your 2022 Club taxes and I am confused about who needs to opt out of K-3s. I understand the club can opt out when they meet all 4 criteria but I don't understand why a club member would need to request a K-3 from the club if the club meets all the criteria.

Thank you in advance for your help.

Charla Hurt

Freedom Financial Group

 

Sent from Mail for Windows