Form 6198

[Mitzy20]

Can someone please help.

I have a loss on my schedule C.

Per Form 6198 rules:

You are required to file Form 6198 with your tax return if you experience a loss in an income-producing activity deemed by the IRS as at risk. Most business activities are subject to the at-risk limitations.

Form 6198 did not generate for me.

Can someone tell me whether I nee this form and how to get TT to generate it, if I do?

Thank You.

[Mike9241]

on schedule C line 32a is probably checked which says all investment is at-risk. schedule C at the bottom says if you check 32b you must attach form 6198.  generally, unless you have non-recourse loans you're 100% at risk so 32a would be correct.  there may be an at-risk issue if your schedule C is a single-member LLC and you use the accrual method because in theory, you wouldn't be liable for liabilities in excess on the LLC's assets. 

in short, if 32a is correctly checked there is no need for form 6198 and Turbotax won't generate it.

[Mitzy20]

Thank you so much.

Appreciate the answer.