There are too many missing components to be able to address this question:Are you a material participant or is this a passive activity?Is this the first year you have received the K-1?Is this an S corp or partnership?Do you have sufficient basis or at-risk?Is this a PTP K-1?

Question

My K1 shows a loss but entering does not change taxes

Forum|Forum|2 years ago
March 24, 2024
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Rick19744

There are too many missing components to be able to address this question:

Are you a material participant or is this a passive activity?
Is this the first year you have received the K-1?
Is this an S corp or partnership?
Do you have sufficient basis or at-risk?
Is this a PTP K-1?

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

N

nexchap

There are a lot of factors in this as Rick indicated, but the most common reason is that passive losses (a loss from a partnership where you're a passive partner) don't get used on your taxes until you either a) completely sell the partnership of b) generate some income from that partnership. Since that didn't happen this year, TT will track the loss and carry it over to future years when you may be able to use it.

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!