topic Re: K-1 Issue: Box 16 Description has been entered for code N and code M and/or code O. Use separate K-1 worksheets to report more than one type of foreign deductions sourced at the entity level. in Get your taxes done using TurboTax

K-1 Issue: Box 16 Description has been entered for code N and code M and/or code O. Use separate K-1 worksheets to report more than one type of foreign deductions sourced at the entity level.

acorcoran — Fri, 10 Apr 2020 15:32:05 GMT

I am having a bear of a time this year trying to file my K-1.

This year, I have a K-1 with the following Box 16 Codes:

A
B

M
N

I do understand that I need to create a separate K-1 for specific codes, but right now I think my mind is mush. With EVERYTHING entered into one K-1, I get the following two errors:

Box 16 Description has been entered for code N and code M and/or code O. Use separate K-1 worksheets to report more than one type of foreign deductions sourced at the entity level.

AND

Box 16 Description has been entered for code G and code F and/or code H. Use separate K-1 worksheets to report more than one type of foreign gross income sourced at the entity level.

So how many K-1s should I end up with when everything is said and done? This makes me think I should have

K-1 for A,B,P
K-1 for G,F
K-1 for N,M

Just very confused and figured I'd come to the community forhelp.
K-1 for

Re: K-1 Issue: Box 16 Description has been entered for code N and code M and/or code O. Use separ...

DianeC958 — Fri, 10 Apr 2020 15:56:35 GMT

Since you have conflicting codes, if you create a second K-1 to put in the information for Code N and Code F that should resolve the conflicts.

@acorcoran

Re: K-1 Issue: Box 16 Description has been entered for code N and code M and/or code O. Use separate K-1 worksheets to report more than one type of foreign deductions sourced at the entity level.

acorcoran — Fri, 10 Apr 2020 16:13:09 GMT

@DianeC958 - Thank you for your reply. Based on your feedback would the end result be a total of TWO K-1s entered in?

K-1 (Part I) - Codes A, B, P, M, G
K-1 (Part II) - Codes N, F

?

Re: K-1 Issue: Box 16 Description has been entered for code N and code M and/or code O. Use separate K-1 worksheets to report more than one type of foreign deductions sourced at the entity level.

acorcoran — Fri, 10 Apr 2020 18:05:21 GMT

Thanks for all the help. I was able to finally get it through:

K-1 Original:
Codes BPFM

K-1 Additional:
Codes: NG