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For a 2018 K-1, I have Part III, 16B, D & F entries. How many K-I worksheets are needed and are these amounts entered on the first K-1 form and the add'l forms?
I am getting a Review check on item 16B even though I have entered the amount on the main form and a 2nd form.
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June 6, 2019
1:10 AM
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Business & farm
You'll need to enter your form K-1 as 2 separate K-1s.
On the first K-1, you enter all other boxes and boxes 16 B and 16 D.
On the second K-1, you enter just box 16 F.
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June 6, 2019
1:11 AM
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That did not solve the problem. I still have a review comment on line 16B.
Dexter D
Dexter D
June 6, 2019
1:11 AM
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What is the review comment or error code you are getting?
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June 6, 2019
1:11 AM
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My 1st K-1 entries:
16 code B 404;
16 code D 6;
16 code F 257;
16 code I 87
My 2nd K-1 entry: 16 code F 257
The review comment is: "Box 16 Descrip-1 has been entered for more than 1 type of income. Use separate K-1 wkshts to report more than 1 type of foreign gross income sourced at the entity level."
On the 1st K-1, the review screen is highlighting in red the description "Gross income from all sources" on the Code B line.
16 code B 404;
16 code D 6;
16 code F 257;
16 code I 87
My 2nd K-1 entry: 16 code F 257
The review comment is: "Box 16 Descrip-1 has been entered for more than 1 type of income. Use separate K-1 wkshts to report more than 1 type of foreign gross income sourced at the entity level."
On the 1st K-1, the review screen is highlighting in red the description "Gross income from all sources" on the Code B line.
June 6, 2019
1:11 AM
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You have entered Box 16 code F 257 on both K-1s which is correct. You should delete the Box 16 code F entry from your first K-1. Hope this helps!
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June 6, 2019
1:11 AM
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After making that change, it essentially told me on the 1st K-1 that Box 16 Code M (passive foreign deductions) was inconsistent with Code F. This was the first time a review comment related to Code M had appeared. I made Code M blank on the 1st K-1 and entered the amount on the 2nd K-1. This seems to have solved the issue.
June 6, 2019
1:11 AM
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I'm glad that it helped solve your problem.
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June 6, 2019
1:11 AM