schedule K-1, box 16 is checked (k-3)

[corilou1]

I'M GLAD THERE WAS SO MUCH INTEREST IN MY POST,  I THANK EVERYBODY FOR READING IT, AND 
FOR ALL THE USEFUL RESPONSES.

HAVE BEEN INCOMMUNICADO LATELY DUE TO MY PRINCIPAL COMPUTER CRASHING 2 WEEKS BEFORE TAX DEADLINE, AND NOW AWAITING A NEW FAN.

BACKUP IS PAINFULLY SLOW, BUT GLAD I KEPT IT.

[Gabriela2]

Hi, I cannot see that form to edit directly in the form. I have same issue that previous users. Got K3 yet all is US. Shall I just unchecked box 16 then? Why TT cannot solve this?

[tonynick1]

Gabriela...

I did speak with a CPA accountant and he instructed me to do the same thing, uncheck box 16. Since it is only US dollars, it's nmot a concern with the IRS. They are only interested in foreign investments. 

And Yes TT should create a fix for this, not ignore it and create issues flagged by their software. The issue existed last year also.

Best of luck.

[Gabriela2]

i dont have way to edit a form, yet thru online, if you put all 0 except in last field for Column G where you put the US income, i get that to appear in the form in line B as suggested above.

I am not sure if that is the way to go or is better to uncheck box 16?

[tonynick1]

I suggest the best way is to uncheck box 16. That is what I did and it works fine. I was assured by a CPA that this would be fine knowing that the K-3 is specific to US $ and no foreign income.  So not to worry, uncheck the box 16.

I had trouble with TT saving the data so I had to delete the form for the K-1 and reenter the information again and NOT checking box 16.

Good luck! 

[madabout_TT]

OK, thanks everyone for their input on this issue.  I am in a situation where I got this K-1 and it ONLY has USA income.  No foreign income at all.  I went to the Forms view, put in my income of $12,289 from this K-1 in line B.  Then the Red checkbox for line 16 went away.  All is good.  But now in Turbotax, on this screen, the amount shows up here under Gross Income from all Sources (Column G) as $12,289 but it says "Foreign Gross Income" still.  I know this may be a software labeling issue, but I am still uncomfortable submitted this knowing that I am telling the IRS I have "Foreign Gross Income," which I don't.  Is this OK, as is?