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Get your taxes done using TurboTax
At the screen Describe the partnership, have you clicked This is a publicly traded partnership?
This will generate a Publicly Traded Partnership Worksheet to record passive activity by PTP.
For a PTP, a negative value likely indicates a passive activity loss. Did you own the PTP's and report income or loss in previous years?
If so, there may be passive activity loss carried over from previous years to report.
Passive activity loss rules are a set of IRS rules that prohibit using passive losses to offset earned or ordinary income. Passive activity loss rules prevent investors from using losses incurred from income-producing activities in which they are not materially involved.
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March 29, 2022
7:49 AM