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taxRetrn4RML
March 29, 2025
Question

Schedule K-1

  • March 29, 2025
  • 1 reply
  • 0 views

There is an amount on Line 14, CODE H in parenthesis. I am directed to enter it on line 7 of Form 8960. Do I subtract that amount when combining lines on Line 8?

    1 reply

    PatriciaV
    PatriciaV
    Employee
    March 31, 2025

    Yes. If the number in Schedule K-1 Box 14 Code H is negative, you would subtract that number from the total used on Form 8960 Line 8. Since Line 7 is used for adjustments, it could be positive or negative, so the sign is important.

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