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andrewf2
New Member

more than one activity for at-risk purposes

I have a K-1 with several companies that have reported activity for line 22. How do i enter the information for 8 companies and some activity within that LLC?  

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3 Replies

more than one activity for at-risk purposes

I'm going to page @Mike9241. Please check back.

more than one activity for at-risk purposes

note there is no line 22 in Turbotax.

 

the only way i see to handle at-risk issues is to enter 9 k-1s. Probably necessary anyway since separate activities.

then the partnership would either have to provide the at-risk amount for each activity as a single number 

or it would have to provide an allocation of your ending capital account and eligible liabilities by activity. 

 

at risk is not needed if there's a profit for the activity. 

from K-1 instructions

Box 22. More Than One Activity for At-Risk Purposes
When the partnership has more than one activity for at-risk purposes, it'll check this box and attach a statement. Use the information in the attached statement to correctly figure your at-risk limitation. For more information, see the discussion under At-Risk Limitations, earlier IRS 1065 K-1 instructions https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf 

andrewf2
New Member

more than one activity for at-risk purposes

that is what I did - labeled them with a -1, -2, -3, -4, etc to distinguish them. For the extras, the only information I input was the % ownership and the activity for that one line with multiple. I think on a paper form it is basically line 20 activity that is then shown on 22 if multiple K-1s are reported to the single entity. 

 

That sort of seemed to work while entering them, but it does not seem to be picking up some of the activity. I have losses in a few of those. for the first 3 activities listed, I think it is picking up the amounts. For #'s 4-7 that are listed on a secondary schedule, the print version shows those all at $0. I am going to look at it again in the next couple of days to see if I can sort through it. 

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