Form K-1 for a limited partnership held 1 day and sold for a loss. Part III line 1 is 0, lines 2 and 3 blank. ALL other Part III lines are blank or 0. Line 16 has CANADA and several codes, all 0 values. Federal Review flags it with "Sch K-1 Wks-Partnerships (NGL ENERGY PARTNERS LP): Box 16 Description-1 has been entered for more than one type of income. Use separate K-1 worksheets to report more than one type of foreign gross income sourced at the entity level."
Is there some way to get through this without all of those extra K-1 entries (all 0s)?
Remove all zeroes. Zeroes are notorious for causing issues.
Thanks! I was hoping - I'll try deleting the zero entries.
The LP probably included the zero entries for "completeness" (and of course, they might not be zero for people that held the LP for longer - I was day-trading and bought things I really shouldn't have!). I entered whatever the K-1 said - again, for completeness - but it seems like TT isn't being as smart as it could be about whether an entry is "significant" in terms of triggering other entries.
Thanks again for the advice!