topic On my K-1 form 1041 besides a positive number in 4a i have negative numbers in item 12 & 14. Do I have to list them? in Business & farm

On my K-1 form 1041 besides a positive number in 4a i have negative numbers in item 12 & 14. Do I have to list them?

pattiepope — Sun, 14 Mar 2021 17:33:53 GMT

Re: On my K-1 form 1041 besides a positive number in 4a i have negative numbers in item 12 & 14. Do I have to list them?

Anonymous_ — Sun, 14 Mar 2021 17:41:30 GMT

Yes, you need to report the figures on your K-1 as they are listed (the IRS receives a copy from the trust or estate so they generally need to match).

What are the codes for Lines 12 and 14?

Re: On my K-1 form 1041 besides a positive number in 4a i have negative numbers in item 12 & 14. Do I have to list them?

pattiepope — Sun, 14 Mar 2021 17:50:43 GMT

line 12 code A is -64 and D is -64

Line 14 code H with * is -160242 STMT and code I*is -4914 STMT

Re: On my K-1 form 1041 besides a positive number in 4a i have negative numbers in item 12 & 14. Do I have to list them?

Anonymous_ — Sun, 14 Mar 2021 18:41:51 GMT

The numbers in Line 12 are adjustments to AMT.

14D is a negative adjustment for the NIIT (Form 8960) which you may or may not see on your return (depending upon your income level).

14I relates to Section 199A, but you need to know the source (i.e., whether it is from a business or REITs).