I get an error on Box 16 B saying "Box 16 Description-1 has been entered for more than one type of income. Use separate K1 worksheets to report more than one type of foreign gross income sourced at the entity level." I have read the Accepted Solution for the K1 Blackstone help with box 16 but I do not have and line 16E only line 16D. I have only income listed in Box 1. Box 2 and 3 show 0. I have entered Various in 16A but I have no idea what countries would be involved. What do I do to remove this error? And what do you mean by entering separately. Are you referring to the Supplemental information?
@carlsonvln wrote:I get an error on Box 16 B saying "Box 16 Description-1 has been entered for more than one type of income. Use separate K1 worksheets to report more than one type of foreign gross income sourced at the entity level." I have read the Accepted Solution for the K1 Blackstone help with box 16 but I do not have and line 16E only line 16D. I have only income listed in Box 1. Box 2 and 3 show 0. I have entered Various in 16A but I have no idea what countries would be involved. What do I do to remove this error? And what do you mean by entering separately. Are you referring to the Supplemental information?
Having the same problem with block 16 Foreign Transactions...no matter how many K1's I use to separate the entries. Unable to file with the error. Since the numbers I put in don't seem to affect my tax liability I am inclined to omit them altogether and let IRS put me in jail....Jail might be better than dealing with the Blackstone K1 and TurboTax
TurboTax needs a separate K-1 entry for Box 1 and for Box 16, Code D, E, and F. Please delete the K-1s you have entered and take the following steps.
Add a K-1 with only the Box 1 income.
Add additional K-1s with Box 16 income.
This is too much work. In the 2017 turbo you could enter all the data on one K-1. Under your work around on which K-1 do you enter the amounts in Boxes 5, 6, 7, 9, 10, 11, 13, 16, 17, 18, 19 and 20. Do you need a separate K-1 for each entry in box 16.
In my Box 16, I have codes A,B, C, E , G, I.
Why am I getting the same error?
Regards
Saibal
I am getting the same error, and I would hope an update could be made to the Turbo Tax program to not require a split in entries for Blackstone. In addition to the Box 16 codes B, C, D, and F, there are five more in the additional statement (I, J, M, Q and U) and zero guidance as to what applies to what types of income, or if you need a separate K-1 for them all. But, time is very short - best recommendation would be greatly appreciated!!
I am really frustrated with turboTax help. Next year I'll use some other software.
For those with a Blackstone K-1, you might want to read through the following thread.
https://ttlc.intuit.com/questions/4730533-k-1-from-the-blackstone-group-lp-and-how-to-input-in-tt