2024 Cedar Fair K-1 question

[ddm_25]

The 2024 Cedar Fair tax booklet states that if you have a passive loss to not report the amounts of lines 1, 9c, 10 or 17 (codes A & B) from the K-1 if you have not disposed of your units. It suggests to fill out Form 8582 to keep track of suspended losses. I get that I can't deduct this in the current year, but I'm not understanding why it is suggesting to not even enter these amounts. Please advise and thank you.

[Mike9241]

here's a link to its 2024 tax booklet and i don't see what you mention anywhere.

file:///C:/Users/MIKE/Downloads/Cedar%20Fair%20L.P.%202024%20Tax%20Instruction%20Booklet.pdf 

CF is a Publicly traded partnership and PTPs don't report income/losses on form 8582. 

[dmertz]

TurboTax automatically calculates any needed passive loss limitations and handles any resulting carryovers, so just enter the Schedule K-1 as received.  Line D of Part I will tell TurboTax that it's a publicly-traded partnership, so this should prevent TurboTax from including Form 8582 in the filed tax return.  Make sure to transfer in the previous year's TurboTax file when beginning a current-year tax return so that any carryovers transfer in.