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the LLC was a partnership (1065 k-1) or s-corp (1120s k-1) or maybe even a trust (1041-k1)
the k-1gets reported on your 1040 (some online versions of Turbotax do not handle k-1s you'll need premier or home and business. The loss will flow to the proper form/schedule on your 1040
did you sell the LLC or was it really liquidated and you received your share of the money left? might affect any gain loss on disposition. In theory, what you got in liquidation should be your tax basis thus no gain or loss but if you really sold your interest you could have additional gain loss = to sales proceeds less any selling expenses less your tax basis
i assume the K-1 is marked final. Therefore to stop the K-1 from popping up next year you must indicate there was a complete taxable disposition in Turbotax. This will also allow any passive losses that were suspended to be released. there's a link to enter disposition info
Thanks, yes there were 5 members of the LLC, and we sold it's only asset which was a piece of land. I have dissolved the LLC, and yes the K-1 is checked as the final K-1. I'm retired with no w-2s, but I have income from pensions, annuities, SS, and IRA withdrawals (not roth). I had assumed that any losses from the LLC would be limited to $3,000 per year; however turbotax is showing $25,000 qbi loss this year, and carrying over $41,000 into next year. We did sell the land at a large loss, as we didn't want to deal with it anymore.
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