Get your taxes done using TurboTax
This is a revision from my earlier post. First of all, don't change the B to a Z. Your foreign taxes are reported correctly.
Secondly, when you enter your Box 14 information, leave the amount for code Z blank and then record your other amounts and codes as they appear on your K-1in Box 14. When you press continue at the bottom of the page, there will be a screen that will appear asking for Box 14 Code Z information. Here enter information exactly the way it is recorded in this screenshot.
The error you are receiving relates to the foreign tax credit information for Code B in Box 14. The foreign source income amount that the tax was based on should be $3592 with the information you gave. Look through your disclosure statement to see if there is any income sourced at the beneficiary level. If none is listed anywhere in a statement, you can do one of two things.
- You can call the issuer of the k-1 and ask if there is US income sourced at the beneficiary level.
- If none exists, then place a zero in that section. i will illustrate both in the following screenshots.
Assuming if $1000 was income sourced at the beneficiary level. Here is how this would be entered.
Here the top line is a total of all income is is the sum of Foreign sourced income at the beneficiary level + US income sourced at the beneficiary level, assuming there is US Sourced income at the beneficiary level. This is the source of your error because the sum in the top box does not match the other two entries.
As I mentioned, if you do not have US sourced income at the beneficiary level, place a 0 in the second box and report in this manner.
{Edited 04/06/23} (8:18 AM PST} @hntrust
