I received a Sch K-1, form 1041, Box 14 with item code H for Foreign Gross Receipts and expenses, categorized as passive income from other countries with a gross amount of $510. Additionally, Box 14 has a code B for Passive Income from other countries with taxes of $36. Do these amounts need to be reported on other forms, and if so, which forms and lines should they be reported on? Also, can the $36 foreign tax be directly reported on page 2 of the 1040 as a foreign tax credit, given that I have other foreign tax credits but do not exceed the $600 allowed for MFJ?

February 14th, 2023

I received an answer from Jax Tax that the 1099 comes from the K-1. However, there is no K-1, only the 1099s that are scrambled on the Schedule E, making them incompatible to add other miscellaneous expenses and compounding errors for depletion. I tried to respond to the answer but could not. I do not have a smartphone or other forms to communicate with you. So far, your answer does not have any help for me at this time!

August 24th, 2024

I think I successfully used TurboTax for tax year 2011, but I'm not sure it went to the IRS. Could you verify that for me please?

December 15th, 2023

I had a tax debt to the IRS for unfiled tax returns. My wife had no taxable income for those years. My accountant, against my instructions, filed the returns as married-filing jointly, pulling her into the tax debt and causing a lien on her property. The accountant just said 'oops'. This has caused significant problems, including the inability to sell the house. What can I do?

November 13th, 2024

I received a 1099-C from a loan consolidation finalized in January 2011. During the 18-month loan modification process, I filed bankruptcy, which was discharged in June 2010. Can I claim that 1099-C 'income' under my bankruptcy? My home was in foreclosure during the bankruptcy process.

June 15th, 2023