Hi all. My Turbo Tax (TT) federal review is down to one final error flag, but it is totally dumbfounding! Here's the situation:
My wife owns a partial share in a family LLC that owns rental properties and provides a K-1. The business has both ordinary business income and rental real estate income, requiring us to file as if we have two K-1s. Although the business has no foreign source income, the company provides a K-3 as well. Both K-1s have K1Ps (additional info).
On one of the K1Ps (not certain whether its for the business or the rental income K-1), under Box 16, Foreign Source Income, the "partner level foreign income and expense" has three lines. Line 3, "other expenses allocated at partner level," is divided into three columns: Total, U.S. Source, and Foreign source. The dollar figure under Total is $593. Since all forms of income were derived from U.S. sources, the full $593 is listed in the U.S. source column and the foreign source column has $0. Seems correct. However, TT keeps flagging the '0' in the third column as an error. Any ideas why?
Thanks much,
Ken