TTO has not fixed the problem with Schedule K-1 for entering NOL

Forum|Forum|1 year ago
April 30, 2024
1 reply
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I am at wit ends with this ! I have a Schedule K-1 that I have to include on my taxes for this year only(2023). Line 11 E is a NOL. The Schedule K-1 on TTO only allows for a positive amount to be entered. I had to file an extension because I could not figure it out. All I read is to manually enter it on Schedule 1 - I cannot even access that on TTO. I don't want to have to say forget it and go to an accountant as I have been with TTO for many years. Please help.. I need to file my taxes asap.

Not A Product Question

Anonymous_

Employee

Enter it as a positive number as it should appear as a negative number on your Schedule 1 and 1040.

Melissa-cooks7 Author

Thank you for your reply but If I enter as a positive number - it will not show up as a negative on Schedule 1. How do I know that? Once I entered the negative amount - it showed as a positive and my taxes were recalculated showing an additional $4000. owed.. so,,,, it doesn't show up as negative. I am not the only person with this problem. I can't file my taxes until I figure this out..

Anonymous_

Employee

@Melissa-cooks7 wrote:

Thank you for your reply but If I enter as a positive number - it will not show up as a negative on Schedule 1.

I understand that the online products may differ, but I did a test on a test return with TurboTax Home & Business and the positive figure I entered into the program was a negative number on Schedule 1 and the 1040.

I'm not sure what's happening in your case.