Does anyone know if there is a modified, more condensed way to input the new K-3 information from a K-1 on a 1040 so that our staff aren’t having to input every single country’s information. Can we put it all to something like Other and then attach the K-3s or a statement saying available upon request? Just seems like overkill to arrive at the same answer, but potentially I’m missing something. Senior here and the manager is out of office so figured I’d ask the fishes!

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The IRS wants it on a country by country basis, and we’ve been hearing reports of taxpayers receiving notices for failing to report on a country by country basis.

However, being that it is September 19th, the practical answer is to just list other countries and aggregate everything. The K-3 doesn’t provide expenses on a country by country basis, and regardless of how you input it, the allowable foreign tax credit should be the same (since the limitation is determined on an aggregate basis).

It’s like the old saying, it’s easier to ask for forgiveness than permission. If the client gets a notice, then you can respond with the country by country detail.


I wouldn’t do the above without clearing it with your engagement team. It sounds like a good way to have to do a lot of work at the end if you shortcut and SM/Partner aren’t on board.


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