1085 Losses do not appear on my 1040

[benkeserd]

So I have an LLC/1065 that has a loss of $18,000, but only $275 of losses show on my personal 1040. I don't

understand why? As the Manager, I materially participated - so don't get it. How does the $18K loss become a $275 loss? Can I see this on my returns??

D

[ThomasM125]

You would have to have enough money "at risk" to be able to deduct the loss, in addition to materially participating in the business. You will see this question after you enter your schedule K-1 form on the screen that says Describe the Partnership:

 

If you don't check the at risk box, TurboTax will ask you questions to determine how much of the loss you can deduct depending on how much you have at risk in the venture.

You can see the amount of your partnership loss reflected on your return by looking at Schedule E, page 2.

[benkeserd]

The "At Risk" box is checked, so that does not help.

How do you look at Schedule E prior to paying and filing the taxes? I have figured out how to see the 1040,

but not Schedule E or any of the other forms/schedules -- without likely paying and filing the taxes.

[benkeserd]

Ok. I figured it out. If you meet a number of requirements, your business should be coded differently on your 1040.