How does K-1 Loss from Partnership transfer to your federal and state Form 1040

Forum|Forum|3 years ago
March 24, 2023
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Formed a partnership LLC for real estate rental property and had loss. I filled out K-1 information in Turbotax Home & Business but I do not see how that transfers to the Form 1040.

TurboTax Online

AliciaP1

It depends on if your activity in the Partnership is passive or active. You may be carrying over the losses. You can look for the Carryover Wks in forms mode in TurboTax Home and Business to see if that is the case. Use the Forms icon in the upper right of the screen and scroll down the left menu to select Carryover Wks to review the entries on the form.

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Mike9241

look at form 8582. that loss is passive and may be subject to limitations.