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

[flytd17]

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

[trangdinhpa]

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

[rdpfalcon]

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.

[achavez911]

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

[Billjohn]

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.

[flytd17]

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

[Billjohn]

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

[flytd17]

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.

[rdpfalcon]

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

[mirassou]

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.

[Rs6er]

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

[jbc1]

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.  

[doghouse]

this did not work for me when your dealing with a company that is world wide they don't break their foreign taxes down for each country that is why they have VARIOUS . Something is wrong with TURBO TAX that year after year they have the same problem . We can only report what is given to us.

[R-P]

After 30 minutes of phone time with a TTX tax expert, 15 years CPA he said, we finally solved the issued.  The solution that removed the error was to create a K-1 for each line of line 16 that had an amount in  it.  Selected "various" in 16A for each K-1.