topic Schedule K-1 in Business & farm

Schedule K-1

dawnmarie50 — Wed, 02 Apr 2025 16:31:53 GMT

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?

Re: Schedule K-1

DavidD66 — Wed, 02 Apr 2025 16:41:31 GMT

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.