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Returning Member

K-1 filed out but does not show up in 2020 Income summary

I have a K-1 and it has a large loss.  I entered all the info and double checked to see if it was there, but it does not show up in the 2020 income summary and the large loss is not reflected in my tax owed.   I assume it is operator error......what have I done wrong?

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Expert Alumni

K-1 filed out but does not show up in 2020 Income summary

Click this link for info that may resolve your Loss on K-1 issue.

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Level 15

K-1 filed out but does not show up in 2020 Income summary

if the loss is on line 1 (business) and you did not materially participate, the loss isn't allowed. the same is true if the loss is on line 2 (rental real estate) with no active participation. if it's on line 2 and you actively participated, the loss is limited to a maximum of $25,000 if adjusted gross income is under $150,000, $0 if over. finally, if the loss is from a publicly traded partnership the loss is not allowed.   one other thing, the allowable loss, if any, can not exceed your tax basis.  if none of these apply to you then you probably answered a question incorrectly,   we can see your return. perhaps if you provide us with more information we could help you further. Amounts are not necessary. 


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