Hi,
I am very confused by a few TurboTax entries of K-1 Schedule (Form 1065):
1. On one of the worksheets "Sch K-1 Wks-Partnerships" (only visible in PDF forms), there seems to be an error on page 3:
"Passive Activity Adjustment to Income or Loss ' For Regular Tax Purposes" - Row #1 "Ordinary income (loss) pass through" => "Gain (loss) Limited by form 6198 if applicable"
The first column seems intended to reflect gain(loss) for the current year, but somehow in my case it reflects the sum of this year and the carryover loss from last year, so then the last year loss is double-counted in the last column "Loss suspended for Current Year". How can I fix this?
2. One of my two K-1 documents has amounts on both boxes #1 ("Ordinary business income") and #2 ("Rental real estate income"). TurboTax requires me to split the K-1 entry into two separate entries, which is very confusing since I have no clue how to split all other columns, notes, etc. into two entries/activities and avoid double-counting? Why can't I (somehow) just enter it as one document (as it is)?
3. California K-1 schedule has box 20C, column D as "See attached", but no dollar amount in the box. The follow-up supplemental information has
"Line 20C - Column D Other information" - "Proportionate int. of aggregate gross receipts" = $16,983.
In TurboTax, should I enter this number into the box on row 20C?
4. California K-1 schedule - in 2018 (last year), I had missed to properly enter the CA state K-1, but it was immaterial since I only had carryover loss. Do I apply the same (corrected) carryover loss to both "Regular Tax" and "AMT" columns?
5. I was under impression that as a passive investor, I am not entitled to any losses unless there are any distributions/income to be offset. However, it seems like that does not apply to row #9a "Net long-term capital gain (loss)", which is applied as valid deduction. Please confirm that is correct and clarify the difference between the rental loss on box #2 and the capital gain/loss on #9a?
6. Unrelated question - the 1099-B worksheet says (at the bottom):
"Taxpayer must mail in a statement with more details?" => YES
Is that statement filed by TurboTax automatically or I need to mail something?
