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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Can Other Portfolio and non business income be offset by Section 1411 Net Investment Income or Deductions?
Can Other Portfolio and non business income be offset by Section 1411 Net Investment Income or Deductions?
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beth-mcmullin
Level 2
02-27-2022
03:46 PM
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I am entering a K-1 from an estate and think the entries should net to $0 income but it comes out as income.
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sjrcpa
Level 15
02-27-2022
06:36 PM
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No. The 1411 items are for purposes of Net Investment Income Tax.
The more I know, the more I don't know.
