I'm getting the above when running the check on my taxes. I've seen it recommended to go back to Wages & Income > Less Common Income > Foreign Earned Income and Exclusion > and enter in information under a K-1 entry. However, I tried that with the limited information on my K-1 and I went from having one entry to correct to having 7 entries to correct. Included in the 7 entries was the original one indicating the "no foreign source". Questions I cannot answer on the Foreign Earned Income and Exclusion are things like the address of the business in the foreign country (the mlp is in the US in Texas), etc. So, it seems this suggestion gets me further from a resolution and not closer. I have entries in box 16 of my K-1 for A, B, G, I, N and P. Suggestions on how to proceed would be greatly appreciated.
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Go to Forms Mode.
In the left pane, click on the k-1 partner. The k-1 will appear in the right pane. Scroll down to Part III. Just above 12, there is a quickzoom button to enter additional info for codes A,B, & I. Click on it to bring up the Additional info wks. Scroll down to Box 16 Foreign transactions. You will notice an entry in Row 2, col. 3. (foreign interest expense). What TT wants is the income for which the interest was used.
Type in the amount of 16 code G. in the cell above it. Make sure it is equal to or greater than interest amount. You should not longer see any cells highlighted in red.
YOU ARE MY HERO! I would never have figured this out. Thank you so much!
The K-1 Item 16 indicates that schedule K-13 is attached. I have received a K-1 and K-3. the sender insists that K-3 must be entered although we are a Domestic partner with no foreign transactions. It appears that I can not complete my 2021 filing without the following information: Sch K-1 Partners Additional Info 1: Fgn Tax Code I Ln 2 col 3 is listed but no foreign source income at individual level has bee listed on the K-1 Additional Information worksheet line . Please advise where this information can be obtained.
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