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?

posted

Connect with an expert

2 Replies

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?

No you do not.

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?

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!

Still have questions?