TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

Schedule K-1

Forum|Forum|4 years ago
June 8, 2022
1 reply
11 views

My K-1 reflected a business loss, yet Part ll of Schedule E did not did pick this up. What did I do wrong?

Level 8

You may a passive loss if you were a limited partner. Generally, losses from passive activities that exceed the income from passive activities are disallowed for the current year. They are suspended, but can be applied against passive income in later years or deducted in full when you dispose of your activity.

You can carry forward disallowed passive losses to the next taxable year. A similar rule applies to credits from passive activities.

Topic No. 425 Passive Activities – Losses and Credits