I had ordinary loss within K1 and most of it was disallowed and it become carry over to this year.
Once I filled out K1 info, Turbo Tax is popping up At Risk limitation allocation work sheet for me to manually add number.
Carry over loss is easy (category A, line1 ) and there is Category B line 2a Sch D. it is asking Portfolio short term and Portfolio long term Capital (gain or loss).
I looked at last years work sheet. Turbo tax automatically filled out Ordinary loss Line A to Long term Capital Loss (line F) within worksheet.
Q. For this year. Long term capital loss is "same" as Long term Portfolio Capital? If I enter last years LOSS it reduces my tax.
Are Long term Capital loss and Long term Portfolio loss 2 different things?
