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.