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Level 2
posted Apr 7, 2020 9:04:55 AM

I have a k1. box 16 has codes A (other country) and then b/f/g/m/n/p all of which have $ value. How do I submit? i believe 2 K1's but not sure what codes go in whch k1?

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1 Best answer
Level 9
Apr 7, 2020 10:47:10 AM

To avoid issues, it is assumed that if there is an entry in box 1, box2 and box 3 are blank.  Also if there any zeroes anywhere, remove them as they cause issues.

 

On the original K-1, delete in box 16  code g and n. 

Bring up a new blank K-1.  Fill in Part 1 the same as the original.  Part 2 can be ignored.  In Part 3, insert the amounts for code g and n and  code A but nothing else.

5 Replies
Level 9
Apr 7, 2020 10:47:10 AM

To avoid issues, it is assumed that if there is an entry in box 1, box2 and box 3 are blank.  Also if there any zeroes anywhere, remove them as they cause issues.

 

On the original K-1, delete in box 16  code g and n. 

Bring up a new blank K-1.  Fill in Part 1 the same as the original.  Part 2 can be ignored.  In Part 3, insert the amounts for code g and n and  code A but nothing else.

Expert Alumni
Apr 7, 2020 10:58:51 AM

As rogge172 indicated in his excellent answer, you must enter separate K-1 worksheets if you have more than one type of foreign gross income.

 

What you are doing is separating the general income and deductions from passive income and deductions.  Follow his instructions posted above.

Level 2
Apr 7, 2020 11:32:37 AM

Thank you Roge1722 and Irene2805.  You are correct roger, no entry in box 2 and 3.  So just to be clear, in first k1 i put values of code a, b, f, m and p.  in the 2nd k1 i will fill out section 1, can skip section 2 and in section 3 i just do box 16 and put values of code a, g and n but nothing else.  Is that correct?

Level 9
Apr 7, 2020 11:40:31 AM

Yes, that is correct.

Level 2
Apr 7, 2020 1:31:29 PM

Thank you for the help all.  This worked like a charm!!