Sounds like a publicly traded partnership? See K-1 Part 1 Box D. Is it checked?
What entries are you seeing on the K-1 in boxes 1, 2 and 3?
This Intuit Help states:
How are passive losses treated on a Publicly Traded Partnership (PTP?
Solution:
Passive losses for Publicly Traded Partnerships are:
- limited to income from the same PTP,
- excluded from being taken against other types of passive losses,
- suspended and will carry forward until the PTP has income to offset the loss.
If the partner's entire interest in the PTP is completely disposed of in a fully taxable disposition, any unused losses are allowed in full in the year of disposition.
In addition, I suspect that you have not opened an amended tax return for your state(s). Please see this TurboTax Help.
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