Reporting Schedule K-3 Information on Form 1116 On-Demand Webinar
Summary
Passthrough activity from a partnership or S corporation can greatly impact the foreign tax credit on Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), even when there is no foreign activity at the entity level. This webinar explains details of Schedule K-3 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc.—International, and Schedule K-3 (Form 1120-S), Shareholder's Share of Income, Deductions, Credits, etc.—International, as well as when you should advise clients to request a Schedule K-3 from their partnership or S corporation. In addition, we will walk through how to take the information from a Schedule K-3 and report it on Form 1116.
Objectives
Upon completion of this course, you will be able to:
- Explain the impact of Schedule K-3 on the owner’s foreign tax credit
- Summarize how to report a Schedule K-3 from a partnership or S corporation on Form 1116
- Determine if and when an owner should request a Schedule K-3 from a partnership or S corporation
Course Details
This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.
Presented by:
AJ Reynolds, EA