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Business & farm
Box 5 is indeed all the income that is from sources that aren't standard investments. This is what the K1 is saying your share of the income is. Box 14H is actually an adjustment to your investment income - it has nothing to do with the other beneficiaries' shares. It can be an increase or decrease to the investment income.
You should be able to tell whether you received more than the amount in box 5 from the estate. If they haven't paid you more than that amount then you shouldn't enter it on your tax return. If you have received more than that amount then that answers the question.
Still, you are entitled to understand your inheritance. Contacting accountants by email is easier this time of year than telephone.
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‎February 6, 2024
9:20 AM