PatriciaV
Expert Alumni

Get your taxes done using TurboTax

1. This question is not asking about your current year Schedule K-1. If you have carryovers from last year, they will be shown on Form 8582, Part VII, "Unallowed Loss" on your prior year tax return. Look for a similar Form 8562 with "Alt Min Tax" under the main title.

 

2. If you are personally responsible for the business and have no one who will give you your investment back if the business fails, you are considered to be "at risk". In other words, you have invested your own money in the business.

 

3. If you have at-risk carryovers, they will be on last year's Schedule E Worksheet for this investment in a section called "Carryovers to 2023 Worksheet." TurboTax usually transfers these amounts for you.

 

4. You must be actively involved in a partnership in order to report self-employed health insurance. A passive investor would answer "no" to that question.

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