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Level 2
March 23, 2023
Question

Form 1041 K-1 Beneficiary of estate

  • March 23, 2023
  • 2 replies
  • 16 views

 Form 1041 Schedule K

There is an amount of 39019 on line 5 Part II and an amount (39019)  (negative) on Box 14 code h.  

There is no other portfolio income other than 6 in interest income shown in Part III Line 1.  T/P has no other individual income except wages.

Where is Box 14 amount entered on any form?  Does it offset amount on Line 5 Part II?

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2 replies

Nancy8Author
Level 2
March 23, 2023

I forgot to include these figures are on Form 1041

sjrcpa
Level 15
March 24, 2023

If  you look at the Beneficiary's Instructions for K-1 it tells you where to enter 14H.

The more I know the more I don’t know.
Level 2
September 4, 2024

i don't see where it says to enter

BobKamman
Level 15
September 4, 2024

Code H. Net investment income tax. 

This amount is the beneficiary's adjustment for section 1411 net investment income or deductions. Enter this amount on line 7 of Form 8960, as applicable. See the Instructions for Form 8960.

....And I think you meant Line 5, Part III (not II)

Box 5—Other Portfolio and Nonbusiness Income

The amount reported in this box is your distributive share of royalties, annuities, and other income that isn't subject to the passive activity rules. It also includes income in respect of a decedent (IRD), which isn't included in box 1, 2a, 3, 4a, 6, 7, or 8.

My guess is that the trust received a distribution from an annuity or retirement account.  

Accountant-Man
Level 13
September 4, 2024

My guess is that the trust received a distribution from an annuity or retirement account.  

{Mine too}

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