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Level 1

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

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





 

1 Best answer

Accepted Solutions
Level 9

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

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.. 


10 Replies
Level 9

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

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.. 


Level 1

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

Im having the same problem as Robert H.  However, we do have foreign taxes paid on other investments so the suggestion by rogge1722 won't work for us.  Any other ideas on how to solve this problem??
Level 1

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

I only had the one K-1 without foreign taxes paid (no P's or Q's), so the solution above worked for me this time.   Prior to that, I was just planning to print out and submit via US Postal Mail with the error.   Thank you Rogge1722 for this option, as it enabled me to do the filing electronically.    I wish I had more to add.   Seems like a program bug.   Could perhaps pursue a fix with Intuit and wait for a software update prior to April 15.    Anyone else see a way around this issue?
Level 9

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

The option only ignores foreign transactions that pertain to f1116. It will not delete the f1116 itself if it is being used by other sources.
Level 1

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

Thanks. I understand now what you are saying. I ended up re-entering the K-1 info and didn't check box 16 or enter any of the information per the recommendation of an ex-CPA in my husbands office who said it was not pertinent info to enter.  It solved the problem and f1116 was generated for the other foreign transactions we had.  So thankful to finally get that problem solved!!!
Level 1

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

I have foreign taxes accrued on a couple of mlps and also taxes paid from 1099divs. It seems f1116 only allows one or the other (paid or accrued) My foreign taxes paid outweigh the taxes accrued, but id still like to get credit for accrued. Do we just forego the credit for the taxes accrued?
Level 9

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

By default, f1116 uses "paid." If you change to accrued, you cannot go back to "paid" in future.
Level 1

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

For whatever reason, this year the Form 1116 has given me problems.  In the past I've filled it out, but apparently incorrectly, as all of our Paid or Accrued Foreign Tax has ended up being deferred, rather than credited against our current taxes.  However, I have read elsewhere that married filing jointly (MFJ) can directly take credit for up to $600 in foreign taxes Paid or Accrued, and single filers can take $300.  When I consistently checked the box to waive the filing of Form 1116, it finally worked fine.  Do so, and you'll end up with the proper credit against your US taxes from all sources (1099s and K-1s).  Yeah!  No idea why TurboTax does not automatically look at these factors and take the credit, or at least recommend following that path!  It should, and it should have in previously years as well!
Level 1

K1 entry for 16B is getting an error in red. It seems to want me to enter separate foreign source entries in a multiple entry form, which I do. Error does not clear.

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.