Will someone help help with k1?

[kevinwschmidt]

can someone help with K1? In section 16 I used the code O. the program is asking for income in code h and there is none on the K1 form. I called the CPA about the form and he assures me it is correct. It will make zero difference in terms of taxes due. Turbotax will not allow me to file electronic without a fix. Open to ideas?

[rogge1722 · Accepted solution]

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.. 

[Anonymous]

if nothing for h, you'll get no FTC. O is for deductions