turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

At risk amount for an LLC

I'm trying to figure out how to determine my at-risk amount for an LLC that I'm non-active partner of (I did not materially participate in). The LLC is also not related to oil and gas. The partnership was formed in 2022. I did received a schedule K-1 for my 2023 return. When I filed my 2023 taxes other than the loss shown on line 14A I didn't showed any at-risk amount on form 6198 when I filed my 2023 return. I have two questions:

 

1. How do I determine my at risk amount when filing my 2024 return. The schedule K1 I received for 2024 has beginning and ending values in line item K1 under the qualified non-recourse financing. It also has values in section L with the beginning and ending capital account. I am not sure which values to use in the screen below - I'm assuming I need to use the simplified method - I did file form 6198 but I didn't declare any at-risk amount other than the loss.

 

2. Do I need to amend my 2023 return since I didn't use the simplified or detailed method and didn't declare my at-risk amount?

 

At-risk amount.jpg

 

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question