To enter a partnership (1065) K-1, box 16, into an individual return:
- Go to the Input Return tab.
- On the left-side menu, select Income.
- Click on Partnership Info (1065 K-1).
- On the left-side menu, select Line 16 - Foreign Transactions.
- Click inside of the Foreign tax withheld (foreign currency) (Click on button to expand) field.
- Click the plus sign (+) that appears to expand the input field.
- 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
- Click OK to return to the main input screen.
*Click on an item below to learn more about how the program handles each entry.