K-1s

[ljalter5606]

I have a final K-1 that merged into a second K-1 in a non-taxable transaction. Both K-1s have loss carryforwards. How do I treat this in TT so do not lose loss carryforwards in subsequent years?

[AliciaP1]

You will enter each K-1 separately and then you will enter the loss carryforwards from each of them in a different section.  Although, there is a known issue and the loss information won't stay input until the fix is released on 04/08/2022.  After April 8 you can follow these steps In TurboTax Desktop to get to the loss carryforward information:

1. Within your tax return click on Federal Taxes and Wages & Income
2. Click I'll choose what I work on
3. Scroll down and click Update for the Business Deductions and Credits line
4. Click Start or Update for the Net Operating Loss line
5. Enter your 2020 operating loss carryover and Continue
6. Enter your 2020 QBI loss carryover and Continue