form 1041 K-1 has box 14* ZZ information: "PASSIVE CAPITAL GAIN INCLUDED IN BOX 4A" Where does this amount get entered?
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The information for Form 1041 Box 14 Code ZZ regarding passive capital gains is provided in case you wish to recharacterize the capital gains reported in Box 4A. If this doesn't apply to you, you may ignore this information.
Thank you for your reply. I have no idea if I want to recharacterize the amount in 4a or how to do that. Also, I have no idea if that would benefit me.
The trust administrator or other fiduciary would have given you instructions if you needed to recharacterize or take other actions for amounts included in Other Information Zz for Box 14. Amounts reported in Box 14, Code Z represent a taxpayer's portion of other items of information not found elsewhere on the Schedule K-1 (Form 1041) Beneficiary's Share of Income, Deductions, Credits, etc. The taxpayer should receive instructions from the trust or estate needed to address the items contained in this box.
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