Christian Posted February 19 Report Posted February 19 Schedule K-1 Form 1041 are forms I see from time to time. This one is from a decedent's estate and contains three entries I have questions about. Any assistance would be appreciated. Box 5 -Other portfolio and nonbusiness income is a figure of $40,821 which is added to the beneficiary's income. In Box 14 There is an H code and an amount of -$40,821. Is this amount deducted from the identical amount in Box 5 ? Also in Box 14 there is a ZZ code and an amount of $2,851 which is identified as Amt Long Term Loss Carryover. Is this to be carried to his 1040 and if so where reported ? The Schedule K-1 Form 1041 is not a form I am unfamiliar with but this one has the two items which I do not fully understand. Quote
Christian Posted February 19 Author Report Posted February 19 In reading the instructions I see the -$40,821 in box 14 is carried to Form 8960 which may resolve any issues there. With respect to the ZZ entry in box 14 I still don't find an answer although I suspect it has no relevance for my client. He has never paid any AMT. Quote
Christian Posted February 20 Author Report Posted February 20 The ATX program sorted all this out. Quote
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