So, every year I receive a Schedule K-1 from an investment bank who pays a tax preparer to create it before they send it to me.
This was the first year of 25 years in which there was something listed as taxes from another country ($14).
After MUCH back and forth, the bank employees did not know what to tell me about the origin of the number, and the tax preparers literally did not know what to tell me about it. That amount is listed on 14b, but it led to other pages opening in Turbotax which have never opened before.
After MUCH requesting on my point, the Trust officer in charge of my account finally reached out to a CPA friend of his who gave these instructions, and I followed them (but there is a new issue listed below).
"Alright so from what I can tell,
- Various is the right choice for the country
- She should put the $206 in the "Gross Income Sourced at Beneficiary Level: Foreign Source Income" box
- Select "passive category" in the next box.
- Then on the next page or 2 it will ask for the amount of foreign taxes paid and that is where the $14 goes. ""
So, I followed these instructions, but as I run the SmartCheck through Turbotax, it is now telling me that "U.S. Source income plus foreign gross income sourced at beneficiary level should not be greater than total gross income sourced at beneficiary level."
I have no idea what to put. The Foreign Dividend income is listed as 206 on the actual tax form, and there is nothing in the box for U.S. Looking at the info the bank sent me, I see a number of 394 for US reported dividends, but when I added that, Turbotax didn't like that either.
I literally cannot submit my taxes until this is resolved, which means I also cannot do my state taxes.
I tried to get this finished while on Spring Break 2 weeks ago (I am a full time student who works as well), and I really don't have extra time in my life to keep searching out answers!
Please help.
