TT error states that Box 16 Description-1 has been entered for more than one type of income. My entries for Foreign gross income were Box 16 D and H. I understand that I need to separate 16 D and H, since they are both described as Foreign Gross Income, with one described as Foreign Gross Income – Section 951A category and the other as Foreign Gross Income – Other. How would I enter the 2 K-1 wks.
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Box 16 (D,F.G, H) conflict. In Forms Mode, in the left pane, click on the "k-1 partner ()" to bring it up in the right pane. Scroll down to 16 Foreign Transactions. F,G, and H are to be deleted. F and G permanently and H will be moved to a 2nd K-1. Put the pointer over F and a little box will appear. Click on it and a drop down box will appear. Using the scroll bar move it up to the top where you see "(No entry.). Click on that and Code F and the descriptor will be deleted. Then move the pointer to the zero on the right and delete it. Repeat this for G and H. After you are done, no remaining code should be highlighted in red. That completes the original K-1.
To create a new 2nd k-1. The menu Fed taxes > Wages & Income > Business Items > Schedules K-1. Click on the button. Then the screen header Schedule K-1 or Q. Click Yes. Next screen, Form 1065. Click on the button. Next screen "Partnership /LLC K-1 summary. Click on the add k-1 button.
Fill in the data for Part One. Skip Part 2. In Part 3, insert the amount in Box 16 Code H. You are done.
I have a Partnership K-1, Box 16, Code H entry of four figures. I tried to solve the "G and F or H" conflict by creating a new K-1 for Box 16, Code H alone. TT then forces me to select a Category of Income from a dropdown menu: Lump-sum distributions; Section 901(j) income; or Income re-sourced by treaty. None of these descriptions fits what is reported on my K-1. This snag has prevented me from e-filing and has wasted many hours of my time. Please help if you have any ideas.
I can't get the drop down box to work
When you have items in conflict for a K-1 you need to add another K-1 for the same business to put these items in. You do not add any of the other boxes that contain numbers just the items which will not work if they are all on the same K-1.
For Box 16 on the first K-1 leave the entries that don't conflict and then on the second K-1 add the other boxes for Box 16 only.
how can i enter separate k1 worksheets for more than one type of foreign income
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