Hello again. Thank you for the feedback. So just to be clear, YES I am using Turbotax Home and Business for my personal return.
Questions:
(1) There is a K1 form entered in 2023 was for the entity that closed as of 12/31/2024. So when I fill out my 2024 taxes, I'm assuming Turbo Tax will ask me questions about that entity. Is that correct? Or do I have to enter my changes directly on the K1 form?
(2) If I have to edit the K1 form directly, please confirm how I should modify the form from 2023? Do I check the box "Final K1"?
(3) How do I declare my losses (in 2024)? For example, let's say the business was started with $90,000 ($30,000 per each of 3 partners). In 2023, the business lost $30,000 ($10,000 per partner) which were reported on K1 forms to each partner. In 2024, the partnership returned $10,000 to each of 3 partners, and shut down with no liquid or sellable assets. So each partner lost a total of $20,000 ($30,000 invested - $10,000 returned in 2024) of which $10,000 was reported in 2023. Does that mean I can report loss of $10,000 in 2024? Where exactly do I enter that on 2024 K1 and on 1040?
Thanks!
