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Schedule K-1: Section 1411 adjustment amount shown as negative number
Hello! My husband settled out his father's estate in 2016 & he's received a Schedule K-1 (form 1041). On line 14, under "other information", the trust officer has Code H, Section 1411 Adjustment and then a negative number ($-2,814). On line 5 of the K-1 is the amount $2,814. (there was no carryover from last yr). When I plug all this information into our return it shows the $2,814 as taxable income. The Trust Officer says he can't advise us on our tax return. Can someone please explain these figures to me?
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‎June 7, 2019
3:38 PM