@subzero06 wrote:
I had a K1 for 2019 with NOL of -$119425.
You first need to determine how much, if any, of the $119,425 was usable last year.
If you had Basis in the corporation and the loss was non-passive, then some or all of it was used last year.
You need to know if it was a Passive loss or not (passive is usually for rental property or a business that you do not Materially Participate in).
If some or all of it was used last year, then you may have had a NOL on your personal tax return. That is treated differently than a carryover K-1 loss.
So until you are able to tell us exactly what type of income it was and whether or not it was able to be used last year, it is impossible to tell you what to do for this year.
