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 IRS Introduces a Domestic Filing Exception to Schedules K 2023-2024

Schedule K 3 2023-2024 Form

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all right for this video I wanted to cover the schedule K2 and K3 domestic filing exception all right so K2 and k3s were released last year 2021 was the first year that you could file these and they include a variety of information on foreign Source income expenses credits other deductions and so I've done a couple of tutorials on those before I'll put the links to those below if you want to go check those out but for this video I want to cover the the exception so they've updated the instructions in December which provides a little more relief in a couple of ways right so it's important to note that the instructions provide some exceptions for certain parts right and then there's the domestic filing exemption which exempts you from having to do any of it right and so it's really important that we draw the distinction here the domestic filing exception means that if you qualify you don't have to do any of it right and then if you don't qualify you might have to do the K2 and K3 but the

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