I own several partnership investments that use non-recourse debt to finance part of their operations. Where do I enter the info needed to complete Form 6198?

[Rick19744]

You don't.

Nonrecourse debt provides basis, but it does not provide at-risk basis and at-risk basis is what form 6198 is computing.

However, if you are asking about completing form 6198 to track suspended losses due to at-risk limitations, then you would need to go into the forms mode and enter the information that way.  But, I am not sure that using the online version allows you to go into a forms mode.  I believe only the downloaded version or a CD version allow for forms mode.  

Remember, as noted above, nonrecourse debt will not provide at-risk basis in order for you to take losses.

[tfstss]

Thanks Rick.  I'm up-to-speed on the at-risk rules.  This is the first year that this particular investment has used NR debt, so only a portion of the current year's operating loss was funded through equity/QNR debt, hence my need to complete the 6198.  I'm using the online version of TT, which I'm finding to not be very user friendly in terms of navigating to a specific part of the return.  It sounds like I might have better luck with the CD or download version.

[tagteam]

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@tfstss wrote:

It sounds like I might have better luck with the CD or download version.

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Yes! You absolutely would have better luck with the desktop (installed) version since it has Forms Mode; there are "6198 calculations" that TurboTax does not support.

[Rick19744]

QNR (qualified nonrecourse debt) is not the same as nonrecourse debt.

If you have QNR, then this DOES provide at-risk basis to take losses.

[tfstss]

Thanks Rick.  I'm up-to-speed on the difference between NR debt and QNR debt and aware of how the two diff types of debt impact my amount at-risk.

[tfstss]

Thank you!  I'll give that a try.

[mlpabc1980]

I am having a problem with form 6198.  In the interviewing process under describe the partnership, I want to uncheck i have at risk losses carrying over from 2019 as it was an error on my part to check.   The program rechecks the box when I uncheck it.   

i found my mistake after filing raxes so now I am amending the return.

can i go into form mode , i ahve desktop version, and changes the figures on form 6198?