Entering K1 Loss

[Humpjs]

I can only write off some of the loss on my K1 because the entire amount will take my outside basis negative.    Where on Turbo Tax can I put this in?   It only asks me to enter what is in Box 1 of my K1, which is the entire amount and it writes off the whole loss.

[tagteam · Accepted solution]

---

@Humpjs wrote:

Where on Turbo Tax can I put this in?  

---

The excess loss (the loss that exceeds your basis) is suspended and carried over.

However, TurboTax does not keep track of your outside basis and does not support any calculation related to your adjusted basis. You have to keep track of that via another method.

Regardless, from the K-1, you should only enter the amount of the stated loss that does not exceed your basis into the program.