My Schedule K-3 shows several foreign tax categories. Can I still combine everything onto one Form 1116 to keep the return manageable?
I am a U.S. individual investor in a foreign-focused partnership, and my Schedule K-3 includes passive category items, general category items, and a small amount that looks treaty re-sourced. I also have direct foreign dividend income from my brokerage account. Total foreign taxes are not huge, but the reporting is messy.
I was hoping to use one Form 1116 and attach a reconciliation note, but my preparer says separate category forms are not optional once the income categories split. If that is correct, I need to understand why the K-3 does not simplify the process more than it apparently does.
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