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brorymes
New Member

Can I avoid entering multiple forms K-1 for a limited partnership with multiple codes in Part III line 16 when ALL lines in Pt III are blank or 0?

Form K-1 for a limited partnership held 1 day and sold for a loss.  Part III line 1 is 0, lines 2 and 3 blank.  ALL other Part III lines are blank or 0.  Line 16 has CANADA and several codes, all 0 values.  Federal Review flags it with "Sch K-1 Wks-Partnerships (NGL ENERGY PARTNERS LP): Box 16 Description-1 has been entered for more than one type of income. Use separate K-1 worksheets to report more than one type of foreign gross income sourced at the entity level."
Is there some way to get through this without all of those extra K-1 entries (all 0s)?
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Accepted Solutions

Can I avoid entering multiple forms K-1 for a limited partnership with multiple codes in Part III line 16 when ALL lines in Pt III are blank or 0?

Remove all zeroes. Zeroes are notorious for causing issues.

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3 Replies

Can I avoid entering multiple forms K-1 for a limited partnership with multiple codes in Part III line 16 when ALL lines in Pt III are blank or 0?

Remove all zeroes. Zeroes are notorious for causing issues.

brorymes
New Member

Can I avoid entering multiple forms K-1 for a limited partnership with multiple codes in Part III line 16 when ALL lines in Pt III are blank or 0?

Thanks!  I was hoping - I'll try deleting the zero entries.
The LP probably included the zero entries for "completeness" (and of course, they might not be zero for people that held the LP for longer - I was day-trading and bought things I really shouldn't have!).  I entered whatever the K-1 said - again, for completeness - but it seems like TT isn't being as smart as it could be about whether an entry is "significant" in terms of triggering other entries.
Thanks again for the advice!

Can I avoid entering multiple forms K-1 for a limited partnership with multiple codes in Part III line 16 when ALL lines in Pt III are blank or 0?

I should mention that in box 16, deleting includes both the descriptors and the amounts.
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