ThomasM125
Expert Alumni

Deductions & credits

The loss should not be deducted if you don't have any positive basis in the corporation. You need to edit your K-1 entry in TurboTax. You need to not indicate that all of your investment in the entity is at risk on the screen that says Other Situations. Then you will see options to indicate how much you have at risk, which in your case is nothing:

 

 

 

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