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Get your taxes done using TurboTax
Enter this from the Schedule K-1 interview. Look for the page "Describe the Partnership" and check the box for "I have passive activity losses carried over from last year." The next few pages will ask you to enter your carryovers by type and by year.
If you didn't use your carryovers last year but you had income that would have been offset by the losses, you would need to amend your prior year return to take advantage of the carryover losses. This would change the carryovers for the current year as well. You can't "catch up" for the missed carryover from last year.
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‎April 8, 2024
7:45 AM