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Can you explain why on schedule k-1, line 16B which say 'gross income from all sources' is showing an error?" Also indicates description is over ridden

Forum|Forum|7 years ago
June 1, 2019
1 reply
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TurboTax Deluxe Windows

Best answer by rogge1722

Issues regarding Box 16 Foreign transactions are becoming a plague. My suggestions is as follows: If you do not have any amount for 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 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 dispenses with foreign transactions..

rogge1722Answer

Level 10

Issues regarding Box 16 Foreign transactions are becoming a plague. My suggestions is as follows: If you do not have any amount for 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 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 dispenses with foreign transactions..