- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Schedule K-1, Line 14, Code H is showing a negative number that offsets the amount shown in Box 5. This doesn't reduce my liability. Why?
Topics:
posted
June 5, 2019
10:29 PM
last updated
June 05, 2019
10:29 PM
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Schedule K-1, Line 14, Code H is showing a negative number that offsets the amount shown in Box 5. This doesn't reduce my liability. Why?
"This doesn't reduce my liability."
Most likely because you are not subject to the Net Investment Income Tax (NIIT). The negative figure on Line 14 (H Code) only serves to reduce the NIIT calculation on Form 8960, otherwise it has no real impact.
See https://www.irs.gov/individuals/net-investment-income-tax
June 5, 2019
10:29 PM
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Schedule K-1, Line 14, Code H is showing a negative number that offsets the amount shown in Box 5. This doesn't reduce my liability. Why?
"This doesn't reduce my liability."
Most likely because you are not subject to the Net Investment Income Tax (NIIT). The negative figure on Line 14 (H Code) only serves to reduce the NIIT calculation on Form 8960, otherwise it has no real impact.
See https://www.irs.gov/individuals/net-investment-income-tax
June 5, 2019
10:29 PM
Still have questions?
Make a post