K1 loss in box 2; income summary in TT shows '0'. ...
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NS14
Level 1

K1 loss in box 2; income summary in TT shows '0'. limited partner with passive loss. my worry: loss may not carry over to next year if TT shows it as '0'? Please help.

I want to ensure that this loss is carried over into the next year as I am not being able to use it fully for my 2019 return.
6 Replies
sgpember2019
Level 2

K1 loss in box 2; income summary in TT shows '0'. limited partner with passive loss. my worry: loss may not carry over to next year if TT shows it as '0'? Please help.

I have the same exact question so thank you for asking!  I need to understand how to carryover over loss of my 10 year old business when all I have is the negative amount from the k1.  Do I need to complete a NOL or what?

 

Thanks again for the question and I hope they respond quickly.

 

SP

AmeliesUncle
Level 11

K1 loss in box 2; income summary in TT shows '0'. limited partner with passive loss. my worry: loss may not carry over to next year if TT shows it as '0'? Please help.

If that rental Passive Loss is not able to be used on this tax return, it should show up on Form 8582 to be carried to next year.

NS14
Level 1

K1 loss in box 2; income summary in TT shows '0'. limited partner with passive loss. my worry: loss may not carry over to next year if TT shows it as '0'? Please help.

Thanks @AmeliesUncle. Would TT show my form 8582 before I submit my returns?

Anonymous
Not applicable

K1 loss in box 2; income summary in TT shows '0'. limited partner with passive loss. my worry: loss may not carry over to next year if TT shows it as '0'? Please help.

when you do 2020, they'll be a question asking if you want to transfer over 2019 data.  that would include the passive loss disallowed for 2019 if TT is functioning normally.   don't know what the 2020 worksheets will look like but there should be a k-1 worksheet in the 2020 tax file for the k-1.  if like 2019, in the worksheet they'll be a section for the passive loss carryover.    the question is whether this is a partnership with a QBI carryover.  In 2019 TT messed up royalty in that none of the QBI carryover info from 2018 transferred to 2019. the passive losses did.   

AmeliesUncle
Level 11

K1 loss in box 2; income summary in TT shows '0'. limited partner with passive loss. my worry: loss may not carry over to next year if TT shows it as '0'? Please help.

Yes, Form 8582 is part of the tax return so it will show up in your copy of the return.

NS14
Level 1

K1 loss in box 2; income summary in TT shows '0'. limited partner with passive loss. my worry: loss may not carry over to next year if TT shows it as '0'? Please help.

Thank you @Anonymous & @AmeliesUncle. This is very useful. 

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