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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.
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.
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rhalexda
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