Just formed a LLC which's taxed as partnership. I realize that if there is the NOL on the LLC, the partner CANNOT deduct the loss (unless it is a liquidation). What is the correct way to handle such current loss for the partnership and partners? I am assuming the partnership will report the loss on K-1 to each partner, but the partner will somehow need to keep track the loss individually and forward the loss to future years. What can TurboTax Business and/or TurboTax Individual help in this issue?
