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Get your taxes done using TurboTax
@luckydogz Some losses on the K-1, for example line 1, are suspended until you sell. But there could be other losses, for example line 8 or 9a (Cap Loss), which would flow straight to your return. So its definitely possible that entering the K-1 could change the tax you owe.
If you're unsure which line is impacting your tax, one way to easily trace it is to simply put in a ridiculous number into the K-1 entry (change -112 to -112,000 for example) and see what changes on your return.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 2, 2022
8:36 PM