Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
lebrown21
New Member

I had an amount on my K-1 in Box 5, and the exact amount , only negative, in Box 14H. Shouldn’t they cancel each other somewhere in the software?

 
1 Best answer

Accepted Solutions
TaxGuyBill
Level 9

I had an amount on my K-1 in Box 5, and the exact amount , only negative, in Box 14H. Shouldn’t they cancel each other somewhere in the software?

Is this a K-1 from a Trust or Estate (Form 1041)?

If so, no, they would not cancel each other out.  Box 5 is subject to regular income taxes.  Box 14H just says it is not subject to the extra Net Investment Income Tax.

View solution in original post

1 Reply
TaxGuyBill
Level 9

I had an amount on my K-1 in Box 5, and the exact amount , only negative, in Box 14H. Shouldn’t they cancel each other somewhere in the software?

Is this a K-1 from a Trust or Estate (Form 1041)?

If so, no, they would not cancel each other out.  Box 5 is subject to regular income taxes.  Box 14H just says it is not subject to the extra Net Investment Income Tax.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v