I keep getting a warning regarding limited partnership losses. How do I correct? Not really sure what it means.

Warnings may represent possible errors, omissions, or inconsistencies in your return. So while it’s a good idea to review them, if you are sure that they don’t apply to you, you can ignore them.

As per the Canada Revenue Agency (CRA):

Although the partnership can have a loss, the loss carry-over rules apply to each partner and not to the partnership.

For example, when you complete your own income tax return, combine your share of the partnership non-capital losses with any other non-capital losses you have in the year. Apply this amount against your income.

The loss carry-forward period is 20 years for non-capital losses, farming or fishing losses, restricted farming or fishing losses, and life insurer's Canadian life investment losses incurred.

For information about the loss carry-forward period for non-capital losses, go to Line 25200 – Non-capital losses of other years. 

Please see our TurboTax FAQ:

T5013: Partnership Information Return

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