By the way I just tried creating a separate k-1 to account for prior years suspended carryover losses which I designated PYA.
In doing so, the current Year's Ordinary income (i.e. amount in Box 1 on k-1): 194 shows up on Schedule E column (k) "NON-PASSIVE" income and the cumulative prior years suspended passive carry over losses show up on a separate line on Sch E column (i) -1389 "NON-PASSIVE" losses.
Again I am uncertain that this is correct since the income/losses is from a PTP (master limited partnership) which by definition falls under PASSIVE income and my past two years Schedule E when I had positive income listed in Box 1 on my K 1, showed the current year income listed in under column h which was off set by an equal amount of passive losses since I was able to utilize/release some of the prior suspended passive losses once my K-1 showed a net gain in 2018 and 2019 and my cumulative suspended net losses were appropriately adjusted to account for this.
Am I doing something wrong, or did Turbotax correctly input my income and cumulative losses correctly on the Sch E under the "NON-PASSIVE" column?
Again I did check Line 27 on Schedule E "are you reporting any losses not allowed in prior years..."
I am uncertain if I also need to checked Line 28 column (e) "for when a basis computation is required to be attached to the return if you report a loss, receive a distribution, dispose of stock, or receive a loan repayment from an S corporation" since I did adjust the cost basis from the sales schedule but I'm not sure that is applicable to Sch E. However, regardless if line 28e is checked or not it doesn't change how the income and cumulative losses are reported on Sch E
