Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
acorcoran
New Member

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.

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

F

G

M
N

P

 

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 

3 Replies
DianeC958
Expert Alumni

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.

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
acorcoran
New Member

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.

@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

?

acorcoran
New Member

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.

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

 

K-1 Original: 
Codes BPFM

 

K-1 Additional: 
Codes: NG

Dynamic AdsDynamic Ads
Privacy Settings
v