You reference a K-1 schedule, so I assume you want to report the ordinary loss listed on a K-1 schedule on your personal tax return. You can follow these steps to enter the K-1 schedule in TurboTax:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Choose Business Investment and Estate/Trust Income
- Choose Schedule K-1 and follow the instructions
You must indicate in TurboTax that you are at risk and materially participate in the venture for the loss to be deductible against ordinary income on your personal tax return.
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