I sold mlp stock in 2021 from mlps I bought in 2020 so all short term. I entered the sales schedule into K1 and zeroed out any gain from 1099 since the K1 would create entries for both ordinary income and capital gains.
Running turbotax, it shows I have a loss from 2020 carried forward. With the method above, do i need to override the 2020 loss to zero?
I ask cuz i noticed that the 2020 loss offset most of the ordinary income from the sales schedule and I read that prior losses can offset gains from the mlp but i was surprised it could offset the ordinary income portion.
would appreciate any comments from others and @nexchap
