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Level 4

PTP K-1 Box 16 and related entries on Form 1116 Questions

I have a K-1 from a PTP that has 5 entries for box 16:  Foreign Transactions.   They are coded B, G, I, N and P.


The IRS instructions say that B, G, I, and N should all be entered into Form 1116 Part I.  And that P should go in 1116 Part II.


BUT TT is generating lots of errors:

1.  For P which does add the tax paid to Foreign Tax paid K-1's but TT complains that there is no foreign source income on the K-1 which is not true.    

2.  For I,  TT complains that no adjusted basis for assets generating foreign income is listed.  

3.  For N, complains that I need to add a statement but it's not clear to me what that statement should say?

4.  Then on the K-1 side, the system adds a K1P Add Info I that now complains that the linking of the tax paid is not the same category of income between the K-1 and the 1116.  


Most of the numbers are really small like $2 and $31 but a lot of error messages so I have been spending lots time trying to sort this out. 


Any ideas?  I vaguely remember some time in the past that multiple K-1's were needed to be completed for the same PTP.  Is something along these lines the solution to my problem?  


Any help would be great.

1 Reply
Level 8

PTP K-1 Box 16 and related entries on Form 1116 Questions

Is the foreign tax paid code P a substantial amount that it is worth your time to crank out multiple K-1"s?
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