Smartcheck finds this: Sch K-1 Wks-Partnerships (): Box 16 Description-1 has been entered for more than one type of income. Use separate K-1 worksheets to report more than one type of foreign gross income sourced at the entity level.
I click on the amount and it opens a dialog box allowing multiple sources, so I entered 2 sources that added up to the correct amount on my K-1 received. The correct total is reflected in the 16 B line, but the error refuses to clear.
I'm adding pictures showing the K-1 16 entries and in forms mode.
Thanks in advance!
Robert H
You'll need to sign in or create an account to connect with an expert.
Issues regarding Box 16 Foreign transactions are becoming a plague. My suggestions is as follows: If you do not have any 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 a 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 will dispense with foreign transactions..
Issues regarding Box 16 Foreign transactions are becoming a plague. My suggestions is as follows: If you do not have any 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 a 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 will dispense with foreign transactions..
Problems with foreign transactions Box 16. I followed the suggestion to dispense with all foreign transactions. That solved the problem, except he forgot to mention that you also have to insert the name of the partnership at the top of the form. If you don't, there is no transmission for efile until you do so.
Thank you SOOOOO much! It was keeping me from printing OR e-filing!
Thank you so much. Took our month of frustrations away in a few seconds.😃😘
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
swiederin1
New Member
drwhitfill
New Member
shingabiss
New Member
cmj1685
New Member
mdthird
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.