I am using TurboTax home and business and entered the details from the K-1 (Form 1065) I have from a partnership. K-1 has losses in Box 11-C (contracts and straddles). Looks like TT is filling the forms correctly and its taking me to completion, final review and is ready to file the taxes. I want to carry the losses to previous years but it is not giving me an option to do it. Could you please advice how to do this in TT.
Thanks in advance.
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To the best of my knowledge, you can only carry back a net operating loss, which would come from business losses. Unless you are a full-time trader and report your investment activity on a business schedule C form, you cannot carry back losses on investments. They are normally considered capital losses, which can be deducted in the current period up to a net loss of $3,000, with the balance being carried forward to future periods.
Thanks for the response, IRS Form 6781 is for Section 1256 Contracts and Straddles and it does talk about loss carry back so I think it is possible. And other partners from the same entity (one from which I got K-1) have done it using CPA, I am trying to do this in TT.
Thanks.
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