K-1 from The Blackstone Group LP and how to input in TT?

[maglib]

@nexchap  @python Just don't enter line 16 stuff at all....  no need if no fgn taxes paid, there is no tax credit!

[nexchap]

@maglib Another good solution....

[python]

Thanks @nexchap  and @maglib . Will give it a try.

[davidadempsey]

My Blackstone K-1 has values for 16D, F, M and Q. Setting 3a to Yes and removing link in 3b just pushes the problem down to 4a. 1116 is paid taxes and 16Q is accrual. How to resolve/get it to populate correctly?

[nexchap]

@davidadempsey: Since you actually have taxes to get credit for, split 16D and F as suggested above.  Though in looking at what I wrote, probably better to put 16D alone on its own K-1 so that 16Q and 16F can stay together.

[davidadempsey]

Thank you very much. 16M stays with 16F then, or doesn't matter?

[nexchap]

16M and 16F are both passive category, so keep them together

[maglib]

funny how my k-1 didn't have any fgn taxes paid but someone elses does.?!?! Yet I had fgn income.

[python]

Is Code P - Taxes paid ? I also have 0 for it.  Cod Q- Taxes accrued has a amount.

[davidadempsey]

@maglib My 16Q is a whopping 2, so you might have had it below $1, in which case no entry. Values vary due to number of shares.

Thank you again @nexchap Looks like I need 4! K-1 worksheets for Blackstone. Lines 1, 2, 16F and 16G. Grr...

[maglib]

I have 1k shares.....  I'd think I'd have fgn taxes, then again I only bought it when it bottomed.

[davidadempsey]

@maglib 16P  no value, 16Q has a value. I have about half your shares, but held them the entire year.

[-tax-prep-2018on]

This string is a bit confusing to me, as I have amounts on Lines 1 & 2, plus 16F & G. Would appreciate some help on answering these 2 questions:

1. Is this true, that if my Blackstone K-1 has amounts on lines 1, 2, 16F, & 16G, I will need to create 4 TT forms to account for this?

2. Should the first TT form I create carry all numbers on the K-1 EXCEPT boxes 2, 16F and 16G; then TTform#2 is JUST line 2 and no other numbers; TTform#3 is JUST 16F and no other numbers; and TTform#4 is JUST 16G? 

Appreciate anyone's direction on this. So complicated!

[nexchap]

@-tax-prep-2018on The TT requirement is to split lines 1 and 2, and to also split 16F and 16G.

So your proposal works, and also makes it easy to track in future years.  If you want fewer K-1s, you could get away with two:  one K1 for everything EXCEPT lines 2 and 16G; and a second K-1 for only lines 2 and 16G

[-tax-prep-2018on]

Thank you, very much appreciated your timely response!

May I also ask you about NOTES section? How do these numbers get dealt with in TT?

For example:

Note 1: Your share of the Foreign Qualified Dividends included on Line 6B is $3.

    Where does this number go? (I am using Easy Step screens....) Or is it just for my records when I sell... 

If you can answer NOTES questions and don't mind, I have basically 10 notes that are confusing to me, at least 9 of which may apply to me...

Thanks for your help! 

Thanks,