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TurboTax K1 Interview questions

I have few questions regarding K1. These are few question pop up toward end of K1 interview. These are public traded MLP.  What is typically apply to most people and what box to check or not.

 

Q: I have passive activity losses carried over from last year

 I assume most losses within K1 are passive losses so One should check this one? Are the talking about Box 1 of Part 3 of K1 where most of time is Negative Business income?

 

Q: All of my investments in this activity is at risk?

Are they talking about MLP stock may go to Zero so you may loose every thing?

 

Q: I have at risk losses carrying over from 2022

Not sure about this one. What is difference between this and passive activity losses. How to find out?

 

Could someone please explain which one to check? Not sure what is difference?

 

Q: I personally paid Health insurance and long term (Health include dental)

I did pay my own Health insurance. Not sure why it is asking me in K1 as I am limited partner and not sure if I should check this one? Is this apply to those who may be connected to running K1 entity but paid their health insurance on their own. But this question is Not applicable to passive stock/unit owners?

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2 Replies

TurboTax K1 Interview questions

Any one?

PatriciaV
Expert Alumni

TurboTax K1 Interview questions

1. This question is not asking about your current year Schedule K-1. If you have carryovers from last year, they will be shown on Form 8582, Part VII, "Unallowed Loss" on your prior year tax return. Look for a similar Form 8562 with "Alt Min Tax" under the main title.

 

2. If you are personally responsible for the business and have no one who will give you your investment back if the business fails, you are considered to be "at risk". In other words, you have invested your own money in the business.

 

3. If you have at-risk carryovers, they will be on last year's Schedule E Worksheet for this investment in a section called "Carryovers to 2023 Worksheet." TurboTax usually transfers these amounts for you.

 

4. You must be actively involved in a partnership in order to report self-employed health insurance. A passive investor would answer "no" to that question.

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