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I am entering some data from a K1 form, specifically 16C and

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16D. Turbo tax premier...
I am entering some data from a K1 form, specifically 16C and 16D. Turbo tax premier enters 16D as foreign income, and there is no foreign income.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: that's all the info i have
JA: Is there anything else important you think the Accountant should know?
Customer: no
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Submitted: 1 year ago.Category: Tax
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2/23/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,701
Experience: Taxes, Immigration, Labor Relations
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Can you verify if that K1 from the estate (1041) from the partnership (1065) or from S-corporation (1120S) ?

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Tax Professional: Lev, Tax Advisor replied 1 year ago

If that is K1 from the partnership - specifically 16C and 16D are related to foreign transactions.

If that is correct - these amounts are reported on Form 1116, Part I.

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