Investors & landlords

If you enter your K-1 into Turbotax, it takes care of determining what can be used this year, or suspended until next year (including stuff like depletion).

The amount available to deduct from prior years (suspended losses) should be obtained from your prior year's return.  If you do a complete disposition, TT will release all of that against your general income (its reported on Sched E).  If you only to a partial disposition, TT will only release suspended losses to offset this year's total income from the same PTP (the Ordinary Gain will be added to whatever else is reported on this year's K-1 to determine the amount to release from suspended losses).

Your math looks correct.  Your Ord Income is 289, and TT will put that onto Form 4797.  Your Cap Gain (Loss) is -$2228.  To get that into the TT interview, follow these instructions:  https://ttlc.intuit.com/questions/3760966-how-i-report-the-sale-of-mlp-shares-in-turbo-tax-i-sold-al... (the key idea is to make sure only the Ord Income is entered into the K-1, and the Cap Gain calculation occurs completely outside the K-1).

For Box 1 or 2, are you entering this into the K-1 interview?  Where does it ask about passive vs nonpassive?  If this is from shares of an MLP (which is typically a PTP) then most share holders would be passive partners.


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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!