I have invested in ET. They sent me a K-1 and last year, a K-3. I don't see any foreign source income. If that's the case, do I still need to amend the K-3 to my return?

The Schedule K-1 and the new Schedule K-3 are forms used to report income from pass-through entities, such as partnerships, S corporations, and certain trusts. The Schedule K-3, in particular, is intended to provide additional clarity on items of international tax relevance, including foreign source income, foreign taxes paid, and other information necessary for preparing your tax return. If you received a Schedule K-3 and it does not report any foreign source income or any other items that would affect your tax liability, and if you have already filed your tax return without the K-3 because you didn't have it at the time, you may not need to amend your return solely because of the absence of foreign source income on the K-3. However, it's important to review the entire K-3 to ensure there are no other items that could impact your tax situation, such as deductions, credits, or other information related to international tax matters. If there are other items on the K-3 that were not reported on your original tax return and they affect your tax liability, you may need to file an amended return to report this information correctly. If you are unsure about whether you need to amend your return, it's a good idea to consult with a tax professional. They can review the K-3 in detail, compare it with your original tax return, and advise you on whether an amendment is necessary based on the specific information provided on the form.

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