Solved: My suggestions is as follows: If you do not have a...
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New Member

I keep getting a schedule k1 error for line 16 b and i dont know how to fix it. I have entered everything from the K1

 
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Level 8

I keep getting a schedule k1 error for line 16 b and i dont know how to fix it. I have entered everything from the K1

My suggestions is as follows: If you do not have any foreign tax paid; box 16 (P), then there is no need to fill out a f1116 for foreign tax credit. So I suggest to dispense with all foreign transactions. If you choose to do this, then in Forms Mode, in the left pane, click on the k-1 partner to bring it up on the right pane. Scroll down to 17 and just above it there is a quickzoom to add additional foreign tax info. Click on it and it will bring up the additional info wks. Scroll down to "Box 16: foreign transactions." Then under "Code P, Q, etc ", locate line 3a. It states "do you elect to forego completion of f1116." Check mark the Yes box.  That will clear all errors and  will dispense with foreign transactions.. 


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Level 8

I keep getting a schedule k1 error for line 16 b and i dont know how to fix it. I have entered everything from the K1

My suggestions is as follows: If you do not have any foreign tax paid; box 16 (P), then there is no need to fill out a f1116 for foreign tax credit. So I suggest to dispense with all foreign transactions. If you choose to do this, then in Forms Mode, in the left pane, click on the k-1 partner to bring it up on the right pane. Scroll down to 17 and just above it there is a quickzoom to add additional foreign tax info. Click on it and it will bring up the additional info wks. Scroll down to "Box 16: foreign transactions." Then under "Code P, Q, etc ", locate line 3a. It states "do you elect to forego completion of f1116." Check mark the Yes box.  That will clear all errors and  will dispense with foreign transactions.. 


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Returning Member

I keep getting a schedule k1 error for line 16 b and i dont know how to fix it. I have entered everything from the K1

Thank you and your suggestion helped!!!

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