How many K-1's do I have to enter separately if I have information in Boxes 1, 2, 16 (A = VARIOUS), B, C, D and F and which information should be included on each K-1?

[rogge1722 · Accepted solution]

On the original K-1, delete box 2. ( 1 and 2 conflict.) Also delete F. (D and F conflict).  Note that deleting F includes the code letter and the descriptor as well as the amount. Insert  $1.00 into 16 code P, (tax paid) due to the fact that TT needs to see tax paid to see the k-1 inside the foreign tax credit interview.

On the new 2nd k-1, fill in part 1, skip part 2, and in part 3, box 2 and 16 code F  and P are the only entries.

After completing the foreign tax credit interview, bring up the f1116, scroll down to Part 2 and delete the tax paid. You will have 2 copies, one for each category of income.

[sjz]

Thank you for your response.  Very helpful.  

I corrected my K-1's as you suggested.  Just so I understand you correctly, I am to enter a 16-P on both of the K-1's I added to my return (even though that doesn't show up on my K-1 Form 1065)?

Also, where or how do I pull up the f1116 you refer to?

[rogge1722]

The P is a temporary addition to force TT to see the K-1 inside the foreign tax credit interview.It is deleted at the end of the interview. The menu is Federal Taxes > Deductions & Credits >Estimates and other taxes paid > Foreign taxes.