K1 losses not rolling forward

[saunderstomr]

I am cleaning up my 2022, 2023 and 2024 Tax Returns since I finally have all the K1's.  I received the final K1 in 2024.  I lost most all my investment.

When I amended the 2022 Return, the Ordinary Business Loss (Part III box 1) do not affect my return.  The losses appear as unallowed losses on Form 8582.

My understanding was that these losses would roll forward until the final year.

When I go through the process of Amending my 2023 Return I see no evidence of the 2022 loss.  Again, no impact on my tax from the 2023 losses.

When I work on my 2024 Return the 2024 losses are represented.  However, no sign of previous year losses (maybe because I have not filed the 2023 Amended Return.

My question;  Assuming the 2022 and 2023 losses will not roll to 2024 (final K1), can i then put the 2022 and 2023 losses in as 2024 Net Operating Loss?

Thanks

[Mike9241]

you should not enter it as an NOL because when it's deducted in 2024 it will appear in the wrong place in your return and could very well result in an IRS inquiry

make sure you start the amended returns for these years. and yes there is no roll forward. 

the way it works is that the results of an amended return only transfer to next year's original return assuming next year is started after the prior year is amended.  you are going from amended to amended so nothing that changed in the prior year is transferred... 

since the loss was from a passive activity that evidently was disallowed in 2022, the proper place to enter it is on the k-1 worksheet for 2023. the amount disallowed on the 8582 for 2023 is entered on the k-1 worksheet for 2024. on the 2024 k-1 worksheet indicated that this was a final k-1 with complete disposition. you'll need to know if you have any basis left. 

[saunderstomr]

Thank you very much.

I was going to ask you how to find the K1 worksheet, but in the TT interview for the K1, "Describe the Partnership" I finally noticed where it asks if you have "passive activity losses carried over from last year".

If that is checked a "Report Carryovers" form allows me to enter passive loss carryovers...  So, I should be good.

Regarding the remaining basis.  I do not find that reported on the K1.  is that the same as the "ending capital account" or more complicated?  I see there is Pub 541 and 925 referred to.

Thanks again