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Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

 
12 Replies
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

I still have this problem with Blackstone K-1. This did not solve it! Any other ideas?
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

Turbo Tax needs to give a clearer instructions & examples of how to fix this problem. It will not let me file by e-file.
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

Yes, I would agree.  This needs to be addressed.  They are using this info to populate several different forms and can't handle multiple types of Foreign income.
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

Ditto! You should fix your error and not look to the community of users to resolve.
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

To get rid of the error, you have to file two K-1 for the same partnership.  The second K-1 is necessary to separate the Foreign Gross incomes, Passive and General.  So, file the first K-1 with all of the other entries on line 16 and only one of Foreign Gross entries.  File the next K-1 with only line 16 and only the other Foreign Gross entry.  This worked for me.

Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

When I do that it gives me a problem with Box 16 code B do I reduce it by the Gross incomes?
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

Having 16B and 16D for the same K-1 does not give me any errors, do not include 16E for this K-1.
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

That's no help! 16B is the problem. Turbotax says the program doesn't like it. By placing 16B on a separate K1 they think it will trick the program.
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

Bottom Line TTX can't handle multiple entries on 16 in certain categories. I had to move E=Foreign Gross General  and J Deductions General  to a separate K1 away from D Foreign Gross income - Passive category
Level 1

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

I believe that 16B is gross income from all sources. The program is trying to transfer appropriate income to each foreign country, in order to populate 1116 for foreign tax credit. If 16B includes income from multiple countries, I suggest entering a K-1 for each country. Hope this helps.
Level 3

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

How do you know how many countries if the K1 doesn't tell you?
Level 3

How to fix TurboTax error message on K-1 line 16B? The transactions are shown as VARIOUS. The previous answer was no help.

This is a bogus fix.  It may increase you taxes.  TT needs to fix this.  CPA's file paper forms in this fashion.  We should not have to file paper forms.  TT needs to make its software works for customers with foreign tax issues.  Otherwise it needs to admit it cannot handle business level taxes.