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Level 2
posted Sep 18, 2023 9:22:55 PM

K-1 form possible error in handling prior year suspended loss

I noticed that if an "At risk" limitation form exists in the TTax return, the K-1 worksheet pulls as "current year income/loss" from column "Allowed loss" in the "At risk" worksheet. This number already includes any prior year "suspended" loss. Then, the K-1 worksheet adds the "current year loss" to the prior year carryover loss, resulting in double counting the prior year loss in the carryforward loss for next year. The only way I could work around this problem is by deleting the "At risk" worksheet. Then the carryforward loss was calculated correctly. Anybody faced this issue?

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1 Replies
Level 15
Sep 27, 2023 10:25:44 AM