K-2 and K-3

Technical topics regarding tax preparation.
#1
wb923  
Posts:
66
Joined:
6-May-2014 2:35pm
Location:
Tennessee
Client has an LLC Partnership return. The only activity of the partnership is it has an investment account. The 1099 received from the broker indicates approximately $4,000 of foreign tax paid. However, the 1099 does not provide any type of breakdown or summary of the countries the $4,000 was paid to. Nor does it provide a breakdown of the dividend income by country. Client has reached out to the broker, but they seem doubtful they doubtful we will get the info. Advice on how to proceed with regards to K-2 and K-3?
 

#2
Posts:
1017
Joined:
10-Jun-2019 4:20pm
Location:
WESTERN USA
Need the year end brokerage statement for the investment account. Usually has what you need
 

#3
MilesR  
Posts:
725
Joined:
7-Dec-2021 11:10pm
Location:
California
The financial advisor/"broker" may not know since the tax forms are put together by the broker's tax department. But the full compiled tax statements should have some info on there like either the foreign income, the foreign percentage for each fund, or at least shows what funds/securities had foreign income/tax withheld which you could then do a little more digging.
 


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