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- Form 1041 - "Investment Income" calculation-shouldn't the Invmt Inc on K-1, line 14 include cap gain distributions?
Form 1041 - "Investment Income" calculation-shouldn't the Invmt Inc on K-1, line 14 include cap gain distributions?
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hedgeslaw
Level 3
03-28-2022
03:21 PM
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If income includes capital gain, shouldn't line 14 code E on the K-1s include cap gains distributions? I tried overriding the amount on the Sch K-1 Wks (which did not include cap gains) but the overridden amount did not flow thru to the bene's K-1s. The program only includes interest, dividends, royalty and annuity income.
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sjrcpa
Level 15
03-28-2022
04:24 PM
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Were these capital gain distributions part of the income distribution to the beneficiaries?
Generally capital gains are part of corpus. Are they being subjected to NIIT on the 1041?
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hedgeslaw
Level 3
03-30-2022
03:41 PM
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Yes, the capital gains are included in income under the trust agreement and .... Yes the capital gains were a part of the distributions to the bene and ... No, the capital gains were not subject to the NIIT but when I looked at the form, the capital gains were included in the initial computation, but the bottom line was ZERO
