I need a definitive answer for entering K-1 from Blackstone Group LP. Part 3 has amounts in Box 1, 2, 5, 6a, 6b, 7, 9a,, 9c,10, 13 E,H, 16 A,B,C,D,F, 17 A, 18 C, 20 A,B,N

[dale-courtright]

I know I enter one K-1 for Box 1 and a second K-1 for Box 2. What figures are included on each of these?

Box 16, does it need one K-1, or more than one? What figures are included in these K-1s?

[rogge1722]

Do any cells in box 16 contain zeroes?

[dale-courtright]

Box 16 A,B,C,D,F all have positive values. Box E is blank

[rogge1722]

On the 1st K-1, remove 16 code F and move it to the 2nd k-1. Thus the 2nd K-1 will have entries only in box 2 and 16 code F

In addition, due to a TT quirk, TT can see the k-1 inside the foreign tax credit interview only if there is tax paid. So in both K-1's, insert $1.00 into  Box 16 code M. After completing the interview, bring up the f1116 wks. and in part 2 override the 1.00 with a zero.

[rogge1722]

Correction that should be box 16 Code P not M.

[shanman33]

So if I have a number in boxes 1 and 2 and it says VARIOUS in Box 16A, do I need to enter two or three K-1's?

[shanman33]

I've entered it in three times, 1st with Box 1 everything except Box 2 and 16F, 2nd with Box 2 and just 16F and 3rd with Box 2 and 16G.  I now keep getting an error saying that the 1st K-1, Box 16 Description-1 has been entered for more than one type of income.  Use separate K-1 worksheet to report more than one type of foreign gross income sourced at this entity level.  An I doing something incorrect?

[rogge1722]

If you don't have any foreign taxes paid; Code P, then I suggest you elect not to fill in f1116. That way, you only need 2 k-1's ( for box 1 and box 2). There are numerous postings on k-1 describing the procedure.

[shanman33]

I don't have foreign taxes paid on this K-1, so no Code P, but I do have foreign taxes back on a different security.  When I try to do this workaround, it keeps asking me to check box Foreign Tax Code L Line 4a.  Is that correct and should I check the box?