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ktjanos
New Member

2018 Final K-1 Form 1065 still have a loss carryover to 2019, why?

Disposed of all shares of PTP/MLP in 2018.  Received both a final K-1 (Form 1065) and a 1099B.  Manipulated the basis to properly reflect the capital gains and ordinary income related to the sale on Form 4797 and Schedule D.  Had a loss carry forward from 2017.  2018 capital losses are less than $1,700 including the carry forward. Why does TT show a loss carry forward to 2019?

Is there a workaround?



1 Best answer

Accepted Solutions
nexchap
Level 7

2018 Final K-1 Form 1065 still have a loss carryover to 2019, why?

When going through the interview, you have to select "This partnership ended..." and "Complete disposition".  That will trigger TT to release all passive 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!

View solution in original post

3 Replies
nexchap
Level 7

2018 Final K-1 Form 1065 still have a loss carryover to 2019, why?

When going through the interview, you have to select "This partnership ended..." and "Complete disposition".  That will trigger TT to release all passive 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!

View solution in original post

pgwilli
Level 2

2018 Final K-1 Form 1065 still have a loss carryover to 2019, why?

As a follow-on to the original questioner, does saying "the partnership ended" have the same meaning as "I disposed of my entire partnership interest"? I find the wording confusing, as the PTP has not ended, it's just that I no longer own any of it.

Critter
Level 15

2018 Final K-1 Form 1065 still have a loss carryover to 2019, why?

The PTP may not have closed buy YOU disposed of your entire interest ... if you indicate this the loss will be released. 

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