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Alexander Haraczka
Alexander Haraczka,
Category: Tax
Satisfied Customers: 23
Experience:  Supervisor at Cummings, Lamont & McNamee, PA
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K1 list foreign transactions box 16. ,c.d.e. what goes onto

Customer Question

k1 list foreign transactions box 16.
b,c.d.e. what goes onto my line 1a form 1116?
Submitted: 1 year ago.
Category: Tax
Expert:  Alexander Haraczka replied 1 year ago.

Good afternoon and thank you for posing your question.

Box 16,code B is your gross income from all sources (you may have several foreign countries from which income is sourced). That is the amount that would be entered on Form 1116, line 3e.

Form 1116, line 1a: "include income in the category checked above Part I that is taxable by the United States and is from sources within the country entered on line g. You must include income even if it is not taxable by that foreign country..." Example: If you received dividends (passive) and wages (general) from foreign sources, you must complete two Forms 1116. On one Form 1116, check box a and enter the dividends on line 1a; one the second Form 1116, check box b and enter the wages on line 1a.

Thank you, ***** ***** let me know whether you have any further questions.