If your activity in the business is not considered passive, then your basis limitation loss carryover is considered an at-risk loss carryover and needs to be entered into TurboTax as such.
To enter your loss carryover in TurboTax Online you can follow these steps:
- Sign in to your TurboTax
- Open or continue your return
- Choose a section from the TurboTax menu and select Pick up where you left off
- Using the search bar, type K-1 and select the Jump to link from the search results
- Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
- Select Revisit or Start next to Schedule K-1
- Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
- Continue through the questions until you get to the Describe the Partnership screen and mark I have at-risk losses carrying over from 2021
- Enter your basis loss in the Carryover Prior Year Loss column in the section F line 4, on line 11 Self-empl health ins as a negative number
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