Schedule K-1

[dawnmarie50]

First time receiving a schedule K-1, from a trust I inherited. 

Line 5 shows 10,280

Line 14  H (10,280)

1) is line 5 the taxable income

2) should line 14 be entered as a negative number since it is in parentheses? 

[DavidD66]

Yes, line 5 is taxable income.  It will be reported on Schedule E, line 33, column (f).  Yes, the amount on line 14 should be entered as a negative.  It is an adjustment to Investment income on Form 8960 - Net Investment Income Tax.  It should flow to line 7 of that form.