MLP Carry Over Suspended Losses on final sale.

[lopears]

I sold a MLP in 2023 I have owned over a decade and am calculating final suspended carry over losses. Does Turbotax report these/each specific MLP suspended losses every year to IRS or is the KI partner A worksheet showing them just kept for my records for each MLP within Turbotax? Now the MLP is sold I am figuring out how to total and report all the suspended losses, even from before using Turbotax.

[nexchap]

If you've been using TT over the years, the suspended losses have been tracked and carried over each year.  If this is your first year, you'll come to a screen in the interview asking you to enter them.

Either way, since this year is a complete disposition, TT will report any released losses on Sched E.

[lopears]

Yes understood. My question is: does the suspended loss carry over get reported yearly by TT for an MLP as part of the package sent to IRS? I think not as its just in the worksheet but wanted confirmation. For those of us with losses from before we used TT or in some cases (TT didn't carry them over in 18-20) this is an issue.

[nexchap]

@lopears Suspended losses aren't reported to the IRS.  They exist on the K-1 worksheet, but that isn't part of any submission.

[lopears]

Thanks so much for the confirmation:) I'll dig through all the old KI's and get my total to enter during the walk thru.