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Get your taxes done using TurboTax
Thanks for your reply and helping me understand K1s.
I have few other questions within K1 interview in TT.
These are few question pop up toward end of K1 interview
Q: I have passive activity losses carried over from last year
I assume most losses within K1 are passive losses so One should check this one?
Q: I have at risk losses carrying over from 2022
Not sure about this one. What is difference between this and passive activity losses. How to find out?
Q: I personally paid Health insurance and long term (Health include dental)
I did pay my own Health insurance (does Health means only health or Health and dental). Not sure why it is asking me in K1 as I am limited partner and not sure if I should check this one?
Disposition of K1
I read some where when you sell K1 partnership (complete disposition), then all carry over losses are either used or released and one can check for FORM 8582 (I hope I am writing correct form number).
I don’t see form 8582 so why? Since my carry over losses has been used up so no more losses left so NO Form 8582.
Thanks again