Dear all, so I understand that for K1 we need to file seperate K1's for box 1 and 2 however during the review TT detected an error: it mentions Box 16 descriptio-1 has been enetered for code E and D. Use seperate K1 worksheets to report more than one type of foreing gross income sourced... so does this mean I need to file yet another K1 but empty box 1 and empty 2 and just fill in box 16 with just E if the original and had D? Has anyone have experience with this?
Just to vent... I totally regret buying a few share of this company; the headache with the K1 is totally not worth it; yuck.
anyways, great comminity. thanks! A
Yes, you are correct. TurboTax needs a separate K-1 entry for Box 1, Box 2, and each country for Box 16.
The first K-1 copy should have all the information from Parts I, II, and all boxes in Part III, except those that you will enter separately.
When you add a new K-1 for the separate activities, enter only the information from Part I, skip Part II, then enter only the information from the boxes that relate to the separate activity.
Simplitia and PatriciaV.
I am having the same problem with the Blackstone K-1.
Forget about ever buying a Limited Partnership in a trading account; OK for an IRA since you can just pass the paperwork on to Schwab or other broker.
Were you able to fix the problem with the help from PatriciaV? My Box 16 has Box A as "Various" and Boxes D and E. So how to you know which items should be allocated to the second K-1? For that matter how many K-1s does it take to take care of the Box 1, Box 2 and the "Various" Foreign transactions.
Thanks for any feed-back.
yes agree. I'm gonna avoid LLC's in the future. The way I did it was this. For box 1 fill everything other than E. Then fill in everything the same up to part I (basic info) leave box 1 alone then just enter D. Then add another K1 for box2 and everying else in that K1 after that should be empty. Does that make sense?
another headache out of scope of this is that bx actually pays in form of another stock. So the question is when that gets sold do we need to pay tax as if the buy price was 0 or up to what we paid in the K1 already.. ah craziness.
Thank you for your input, I finally got it to work. after several iterations. At least I got it to the point where Turbo Tax is willing to accept my inputs. and hopefully I will be able to e-mail the file.
I am sorry I can't offer any words of wisdom for your question regarding future sale. Once I realized I got into the stock in my trading account I dumped it; so I am out of it with the completion of the current K-1 worksheet.
Good luck and thank you for taking a personal interest in helping with this problem.