Question

Schedule K-1 Box 14 - how to enter Gross Income at Beneficiary Level?

I got a K-1 with lines 2a and 2b (dividends) listed and line 14B Foreign Tax Credit.

I am now at the screen asking for Gross Income Sourced at Beneficiary Level / US Source /Foreign Source.

I have no idea what to enter for these 3 lines.

Along with the K-1 is a page with Foreign Tax Credit Info:

Gross income / Qualified Dividends / Deductions / Foreign Taxes

How would I figure out the sources of the gross income from these items?

Your entries here are for the Foreign Tax Credit, which is the amount reported for Box 14 Code B.

The first screen for Box 14 Code B requires:

1. Foreign country (Is this information given? If not, you'll need to contact the company that sent you the K-1.)

2. Gross Income at Beneficiary Level = Gross Income per supplemental info.

3. Gross Income from US: probably zero.

4. Gross income Foreign Source: same as #2.

On the next page, choose "Passive Category" for the income.

Enter the Deductions from the other supplemental info for both Total and Foreign source deductions.

You have already entered the Foreign Taxes in Box 14.

You may see other followup questions related to this tax credit. Use your best judgement in answering.

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