Anyone figure out how to split up the various boxes among two K1 forms for BIP? And I had already done one for Business and another for Rental. Now TurboTax is telling me "Box 16 Description-1 has been entered for both code D and code E. Use separate K-1 Worksheets to report more than one type of foreign gross income sourced at the entity level." There is no code E I can find when scrolling through box 16.
And, does that mean that I have to do four different forms for my BIP and my wife's BIP? The ironic thing about this is that the only reason I'm using TurboTax is that it's supposed to be best for K1s. Now it's indicating errors in my Rental forms because I haven't entered all the income amounts that are in the Business forms, and it's telling me that my Tax Return is still not complicated enough to satisfy TurboTax.
Turbotax is the best RETAIL tax software for K-1s.
The spliiting of K-1s when they include more than 1 of box 1-3 is a Turbotax kludgy workaround however. Apparently TT would not get the result correct if the K-1 reports multiple of boxes 1-3, so it works around the 'feature' by making you split it into multiple K-1 entries.
Professional tax software used by tax preparers does not do that, however the software costs thousands of dollars.
I have never had a BIP K-1, so don't have specific answers for you this time.
Thanks Liza. Last year I had no problem with putting all but one income item in the "Business" K1, and only the Rental Income into the Rental K1, but this year TurboTax is giving the error notices for blank income items in the Rental form. Lots of people are complaining to TurboTax. It was really poor customer service to allow this to happen, and still no guidance. I thought I would be able to efile in spite of the error notices, but TT wouldn't let me. TT even rejected the Business K1 for BIP, which was entered exactly like the mailed K1 except Rental was omitted. That was because of the "error" mentioned above. It was a shock to get to April 15th and not be allowed to efile. I had to get an extension, mailing a check for my expected taxes, and hopefully Turbotax will get on the ball and give its customers some guidance. I didn't try to call today, but in a couple of weeks the waiting time may get shorter.