Code 14H on K-1

I'm having trouble completing the K-1 section for beneficiaries. Specifically, Code 14H is a negative number on the K-1 I received. It is supposed to negate the amount on line 5 because I do not owe taxes on the inheritance (only on any interest/dividends), but it is including it as income. How do I correct this?

648

Level 12

Feb 23, 2025 8:43:50 AM

The figure on Line 14H (negative) gets transferred to Line 7 of Form 8960 which would reduce the amount of your investment income subject to the NIIT.

Form 8960 is generated by the program only if necessary (i.e., if your income exceeds a certain threshold).

Why sign in to the Community?

Code 14H on K-1