Entering US Partnership income/loss

[LarryS]

Is it possible (and if it is, what is the procedure) to enter US Partnership Income/Loss in the online version - or any ufile version? US Partnerships do not issue T5013 forms and do not have "tax shelter numbers" but the income/loss should still show up on the same line in the tax return as Canadian partnerships (I believe it's line 12200).

Thanks

[Geo123]

Hello LarryS,

IF IRS K-1 form 1065 from a US Limited Partnership
You have a choice - (1) T5013 and convert USD to Canadian, or (2) use the Foreign Income Group and report each income stream according to the income type, allocate the least US tax payable on across the income streams.
https://www.irs.gov/instructions/i1065sk1
 Partner’s Instructions for Schedule K-1 (Form 1065) (2023) | Internal Revenue Service
Partner’s Instructions for Schedule K-1 (Form 1065) - Introductory Material Future Developments What’s New
 

[LarryS]

Thanks Geo123! How do I use the T5013 option though since it forces you to put in a partnership ID number (going from memory it says "tax shelter number" or something like that) but US partnerships don't have that number. Is there a standard "placeholder" number that I should use, like the partnership's EIN (IRS registration number)? Thanks again! 

[Geo123]

Hello LarryS,

You are welcome.  

Yes, Partnership # is mandatory field so must mail in the tax return.

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