My aunt died and I got some money that was reported on a K-1 form 1041. I was told by the executor that all taxes had been paid. Line 5 shows 24,000 line 14 code H shows -24,000. Not being an expert is seems to me that the two should offset but TT is showing I owe taxes on 24,000 at a whopping 30.6% far above my normal bracket.
Line 14, code H says "Adjustment for section 1411 net investment income or deductions" so it seems it should offest.
I'm confused. I'd rather not pay $7,000+ if I don't have to. Can someone help me understand this?
