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K-1 Loss

I have entered a K-1 with a loss on my personal return. Turbotax is not recognizing the loss against my taxes? 

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3 Replies

K-1 Loss

if this is a passive loss, the loss will flow to form 8582 where any allowable loss is calculated.

 

K-1 Loss

If its a passive loss, it won't be used on your taxes until you have passive income from the same K-1, or you sell your stake in the partnership.

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

K-1 Loss

This exact same thing happened to me.  I entered a fairly large negative number in Box 1 of the K-1, but my amount owed didn't budge.  Also I notice it still shows $0 in the list under Business Items, K-1.  Could there be a bug?  

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