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On a Partnership K-1, foreign income items are reported on…

On a Partnership K-1...

On a Partnership K-1, foreign income items are reported on Line 16, but in addition there is a separate schedule listing foreign currency gain, Subpart F income and qualified fund income under Sec 1295. I assume I report these additional items on Line 16

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8/31/2017
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,711
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

My understanding of the sample partnership Schedule K1 found at the following link, leads me to write that the answer to your question is yes, you would record these amounts on Line 16B. Refer to completed sample partnerhship Schedule K1 at the following link:

http://media.straffordpub.com/products/tax-reporting-and-reconciliation-of-hedge-fund-and-other-alternative-investment-fund-k-1s-2015-05-21/reference-materials.pdf

----------------------------

For additional information regarding Subpart F income, you can refer to the document at the following link;

https://www.irs.gov/pub/int_practice_units/FEN9433_01_09R.pdf

Let me know if I can be of further assistance to you regarding this matter. If I have provided you with the information that you need, please take the extra step and scroll to the top of the page and select 3 or more stars to positively rate my response today so that I can receive credit for assisting you. Thank you in advance.

Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Customer reply replied 9 months ago
The item I mentioned was on a supplement schedule, and represented additional income (ordinary as it turns out). Entries to 16B only affect Form 1116; I reported this item on Line 21.

Hello again,

Thank you for the 3 star rating and the additional information regarding entries to 16B only affecting Form 1116.

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