mstsax
Level 3
06-02-2020
03:10 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Best Answer Click here
Labels
sjrcpa
Level 15
06-02-2020
03:56 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What is your question?
The more I know the more I don’t know.
abctax55
Level 15
06-02-2020
03:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Huh ?
HumanKind... Be Both
mstsax
Level 3
06-02-2020
04:23 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I got a “Suggestion” on my return that said the program saw that there was SE income and Foreign transactions on the K-1. So it warned that the program doesn’t allocate SE expenses related to K-1 income to the 1116. Examples include SE Health insurance, deductible portion of SE tax and SEP deductions. I do not where to make these adjustments in the program.
itonewbie
Level 15
06-02-2020
04:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Does the partner have any foreign source self-employment income under the General Limitation basket?
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
mstsax
Level 3
06-02-2020
04:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No. She has only Foreign divs on stock investments.
itonewbie
Level 15
06-02-2020
05:57 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Then, there's nothing to allocate.
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
mstsax
Level 3
06-02-2020
11:10 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you!