Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Partnership K-1 Input Box 16

Intuit

Partnership K-1 Input Box 16

To enter a partnership (1065) K-1, box 16, into an individual return:

  1. Go to the Input Return tab.
  2. On the left-side menu, select Income.
  3. Click on Partnership Info (1065 K-1).
  4. On the left-side menu, select Line 16 - Foreign Transactions.
  5. Click inside of the Foreign tax withheld (foreign currency) (Click on button to expand) field.
  6. Click the plus sign (+) that appears to expand the input field.
  7. Enter the amounts and information as provided by the partnership*:
    • Name of foreign country
    • Category of foreign income
    • Partner's foreign gross income
    • Interest expenses allocated to foreign sources
    • Other foreign deductions
    • Foreign tax withheld (US dollars)
    • Date paid or accrued
    • Type of income withheld on
  8. Click OK to return to the main input screen.

*Click on an item below to learn more about how the program handles each entry.

An entry in this field will link the foreign tax information to a specific Form 1116 entered on the Credits > Foreign Tax Credit (1116) screen. If this field is left blank, the program will use your entries in Name of foreign country and Category of income to determine which 1116 to send this information to. If no existing match is found, the program will create a new Form 1116.
Enter the foreign country to which the taxes were paid. This is usually reported on the K-1, box 16, code A. If you leave the Form 1116 name or number field blank, the program will use this entry, along with the Category of income, to determine which 1116 to send the information to.
Enter the category of foreign income as shown on the K-1. When Form 1116 name or number is left blank, the program will use this entry, along with the Name of foreign country, to determine which 1116 to send the information to.
Enter the partner's foreign gross income as shown on the K-1, box 16, code C, D, E, or F. This amount will print on Form 1116, part I, line 1.
Enter the interest expense, if any, shown on the K-1, box 16, code G. This amount will print on Form 1116, part I, line 4b.
Enter the amounts as reported on the K-1, box 16, code H, I, J, or K. This amount will print on Form 1116, part I, line 2.
Enter the amount as reported on the K-1, box 16, code L or M. This amount will print on Form 1116, part II.
An entry in this field is not required. The program will not convert foreign currency amounts, so the US dollar amount must be entered. If you choose to enter a foreign currency amount along with the US dollar amount, you will need to enter a foreign currency conversion statement on the Credits > Foreign Tax Credit (1116) screen, then link that screen to this K-1 using the Form 1116 name or number field discussed earlier.
Enter the date the taxes were paid or accrued. The date will print on Form 1116, part II.
Enter the type of income the foreign taxes were withheld on. This entry is needed to determine which category of income to report the withholding under on Form 1116, part II. If the selection has Accrued next to it, as opposed to Paid, then the Accrued checkbox on Form 1116, part II will be checked.

Related Topics

Generating Form 1116 Foreign Tax Credit for an Individual Return
Partnership K-1 Input Box 13
Partnership K-1 Input Box 20
Partnership K-1 input Box 15

Was this helpful?

You must sign in to vote, reply, or post
Labels (1)

Related to this Article