Hi,
I received a Schedule K-1 for 2021 taxes, and now for 2022 taxes, I received Sch. K-1 and K-3. TT says I have a carryover from 2021 taxes. Below is a sequence of all info I have entered thus far. The Smart Check has returned an error that is listed at the bottom. I need your help to determine what values or answer choices were answered that resulted in this error. I request you to take a look at the following sequence of answers and see if you find any calculation errors. Thank you for your time. I appreciate it.
Note: In Section 199A the Trade & Business is listed as Fast Food Restaurant. The dollar values used in the following description are approximate. I live in California State.
Schedule K-1: Box1 = -4342; Box14 = A: 0; Box15 = N: 68; Box16 = X; Box18 = C: STMT; Box20 = N: 669, Z: STMT, AG: $55401
Schedule K-3: Part II, Sec 1, Line 1A = U.S., and Column (a) & (g) = $56,008; Line 24A = US, and Column (a) & (g) = $56,008; Part II, Sec 2, Line 54 = Column (a) & (g) = $60,350; Part III, Sec 4, Line 1Paid = 0, 1Accured = 0, 2Reduction of Taxes (total) = 0. For all columns between b to f the value is zero
TT, Schedule K-3:
Smart Check Error:
Sch K-1 Wks-Partnerships - Sch K-1 Partnership Additional Info. 1: Foreign other expenses allocated at partner level are listed but no foreign source income at individual level has been listed on the K-1 Additional information worksheet line 1.
Fgn Tax Ln J Ln 3 col 3 = "0"
Box 16: Foreign Transactions - Line J col 3 - Other expenses allocated at partner level - Foreign is shown as red font "0"
Let me know if you have any questions. Thank you!
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