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Entering PTP K-1's into Turbotax Business Edition
I have a 2-person LLC that trades PTP's as a means to generate income. When I enter the PTP K-1's, they show up as losses under "Other Income(loss)" and reduce my LLC's Net Income when I believe this should not be the case. In other words, it sums all the PTP's OB Losses rather than treating them as a "QBI Suspended Loss - Passive" Carryforward...
Is my thinking incorrect?
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‎October 6, 2023
12:18 PM