What happens to Schedule K-1 suspended loss on windup?

[Jim202010]

I had a final Schedule K-1 that had carryover suspended losses and section 199 QBI losses.

Should there be come carryover to the next year?

Or does it just go away?

I can't find anyplace that TT carries it forward.

[tagteam]

Suspended losses should be released upon disposition.

I'll page @Mike9241 for input.

[Jim202010]

On looking at the prior year (2021), I see that I didn't mark the Schedule K-1 as "final".

Perhaps that is the reason.

Is there any way to recover from this short of amending the 2021 return?

Some sort of statement and manual entry?

[Mike9241]

if 2021 was the final k-1, you have no choice but to amend. you cannot take the losses in 2022.  

[Jim202010]

Ouch.

Can I e-file the 2021 1040-X with TT?

Would that mean I would need to start 2022 completely over with a fresh import from 2021?

[Critter-3]

Amended returns for a prior tax year must be mailed in.

How to amend (change or correct) a return you already filed

https://ttlc.intuit.com/community/amending/help/how-to-amend-change-or-correct-a-return-you-already-...

[Jim202010]

Thank you.  Is there some way to re-import the data from 2021 into 2022 without starting over with 2022 ?

I've invested a lot of hours into the existing 2022 return.

[Critter-3]

Is there some way to re-import the data from 2021 into 2022 without starting over with 2022 ?

Nope ... just make the corrections needed from the amended 2021 return. 

[Jim202010]

I visited the link about amending.  It says "select amend for the return you need to amend".

I'm on a Mac and the only place I can find amend is on the screen showing after "new return" and so none of the existing information is populated and it starts doing the whole interview over.

I can't see an amend action anywhere when the filed return is open.

I've tried doing to check e-file status and it says accepted but that does not appear to magically unlock the amend action.

Ideas?

---

1. Under Need to File an Amended Return?, select Amend a Filed Return
   • The 2019 version of TurboTax may say Amend a return (make changes) after it was filed and accepted by the IRS instead
2. Select Amend for the return you need to amend

[DoninGA]

@Jim202010 With the tax return you need to amend opened -

Click on Federal Taxes (Personal using Home & Business)

Click on Other Tax Situations

Under Other Tax Forms

On Amend a return, click the start button

[Jim202010]

Thank you so much, I was able to make the change with that extra navigation guidance!

Do you have a recommendation about the process to identify and modify the information that changed for 2021 onto the 2022 return?

Is there some way to view the exported information from 2021 that is imported into 2022 to compare them and to modify them?

[DoninGA]

When you start the 2022 tax return you should be transferring the tax data file for the 2021 tax return that was amended so that your changes transfer to the 2022 tax return.

After transferring the 2021 tax data and then entering the 2022 tax data on the 2022 tax return you can use Forms mode and select the Two Year Comparison report.

[Jim202010]

> When you start the 2022 tax return you should be transferring the tax data file for the 2021 tax return that was amended so that your changes transfer to the 2022 tax return.

I realize that I can start over but I would like to somehow maintain the 20 hours of work I have already put into my 2022 return.

Is there any practical way to do that or do I really need to start over?

[Jim202010]

Just FYI, I started over with entry and hopefully will be done by Monday.