I have several K-1 PTP's and each seem to have this same issue. Box 1 is a passive loss and seems to create a tax loss carry-forward properly in the 2023 Tax Return. As I view the "Carry Forwards to 2023 Additional Info for Section 199A Deduction, I see the following for this PTP, which is the correct information carried forward into 2023 from the prior tax year:
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We have confirmed the experience you reported and submitted this to our tech support team for investigation. We aren't expecting any updates before the filing deadline, however.
You may wish to make note of this for next year. The carryover information will be included if you save your return in PDF format. This will allow you to refer to the correct carryover amounts when you start a new return next year and make adjustments as necessary.
As you can see by this screen, the "QBI suspended loss - passive" is correct and agrees to the first screen and the "Carryforward loss to 2024" is correct at -9,163. However, in the second screen above, the 2023 detail overlays the 2022 data and the total is now short by the 2022 loss. Is there a way to fix this information in TT or must the carryforward be adjusted in next years' filing? Anyone have any ideas? Is anyone else experiencing this issue?
It would be helpful to have a TurboTax ".tax2023" file to test this issue further.
If you would be willing to send us a “diagnostic” file that has your “numbers” but not your personal information, please follow these instructions:
In TurboTax Desktop, open your return and go to Online in the TurboTax header. (On a Mac computer, choose File >> Share.)
We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution.
PatriciaV
Token # 1225649
K-1 smart worksheet appears to overlay prior year information for Tax Loss Carry-Forward
NY state is included.
Thank you for your help!
We have confirmed the experience you reported and submitted this to our tech support team for investigation. We aren't expecting any updates before the filing deadline, however.
You may wish to make note of this for next year. The carryover information will be included if you save your return in PDF format. This will allow you to refer to the correct carryover amounts when you start a new return next year and make adjustments as necessary.
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