No, if there is no amount in a box on Schedule K-1, you can omit that information in TurboTax.
Thank you much for your answer. I request to use your expertise again.
Turbotax has a page of questions of which two are:
1. I have passive activity losses carried over from last year.
2. I have at-risk losses carrying over from 2020
This is first year I have this partnership. Will the losses appear on my K-1 in future years, or must I look at the present year (2021) K-1 and remember the boxes that had losses?
Thank you for your time, expertise and research.
Yes, you will need to keep track of your passive activity and at-risk losses from year-to-year. This information is not included on Schedule K-1 because these losses relate to your investment and are not partnership activity.
TurboTax includes Form 8582 that tracks Passive Activity Losses. The information you enter for Schedule K-1 is included on the K-1 Partner worksheet. In most cases, TurboTax will bring this information into next year's return for you to review.