I have net ordinary losses from Trade or Business on a Schedule K1 from a hedge fund where the K1 suggests the losses be recorded on Schedule E, Part II, Column I. I have seen some postings that suggest that TurboTax has not properly built the transition of income/loss recorded previously in 2022 as Box 11 Code I to Box 11 Code ZZ. This income/loss is supplemental income or loss. Upon searching supplemental income in turbo tax, it only leads me to rental income and royalty questions and doesn't allow for these losses to be recorded which need to impact and reduce my overall tax liability. I'm working on a MAC laptop and otherwise cannot seem to directly input on forms. Any suggestions would be appreciated.
a Turbotax bug. entering an 11ZZ amount does not produce a sub-schedule to enter what it is. if you use desktop you can switch to forms mode and use the quickzoom link. for online, I found you have to go all the way to final review where the Turbotax points to the error of not specifying what it is. enter a description and the amount
Turbotax has had many K-1 issues this year maybe going to a 64-bit from 32-bit app was not the best idea.