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Screen 8960 - Net Investment Income (1041)
Form 8960 Tax
Not subject to net investment income tax
Enter
X
to not calculate the net investment income tax for the return. If you leave this field blank, the tax will calculate for returns other than grantor trusts, agency relationships, the S Corporation portion of qualified subchapter S trusts, section 664 charitable trusts, and bankruptcy estates.Adjustment for net income or loss derived…
Enter an Income code in the first column to calculate the distributed portion of the adjustment.
Net gain / loss from disposition of property…
All capital and ordinary gains in the return are part of Form 8960, line 4a. Enter the net gain or loss from disposition of property that is not subject to net investment income tax. Enter an Income code in the first column to calculate the distributed portion of the adjustment.
Adjustment from disposition of partnership…
Enter adjustments for the disposition of partnership interest or S Corporation stock. Enter an income code in the first column to calculate the distributed portion of the adjustment.
Changes to for certain CFCs and PFICs
The calculation of net investment income includes amounts from Forms 8621 and 5471 on Form 1041, lines 1, 2a, and 4. Enter adjustments for these amounts, if applicable. Enter an Income code in the first column to calculate the distributed portion of the adjustment.
Other modifications
Modifications on Form 8960, line 7 include other income and S Corporation income when electing a small business trust. Enter additional items as modifications to net investment income. Enter an Income code in the first column to calculate the distributed portion of the adjustment.
This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1041 Fiduciary