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Question

I rec. 2 Sch. K1s from stock I purchased for PTPs. My taxable income incr. by $1 and there was no change to refund amount. Do I need to amend?

Forum|Forum|7 years ago
June 1, 2019
2 replies
17 views

No text available

TurboTax Premier Online

Level 15

No you do not.

Level 9

Generally, PTPs generate losses which are suspended until you sell. In addition to updating your income, TT is also tracking those losses, and will automatically carry them over for you when you do next year's return. Whether or not you amend your return, you definitely don't want to lose track of those losses.

**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!