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Get your taxes done using TurboTax
On the desktop version, in Forms, go to "K-1 Partner (MLP Name)". Section A of that form will show 4 columns: a) this year's gain/loss, b) the carryover from prior years, c) the gain/loss being reported on this year's return, and d) the suspension for next year.
In this case, if you have a large suspended loss, this year's income should be completely offset so col c would be 0 and col d would show your suspension to next year being reduced.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
March 12, 2023
11:20 AM