I received a 2023 Schedule K-1 with a value greater than 3,000 in Box 11 with Code D. TurboTax uses 3,000 of the amount reported in my 2023 Schedule K-1 in determining my 2023 taxes.
Isn’t the first year that the amount reported in a 2023 Schedule K-1, Box 11, Code D 2024 rather than 2023?
A Schedule K-1 must be reported on the individual's tax return for the year that includes the end date of the partnership's tax year. If the Schedule K-1 shows a tax-year end date in 2023, it goes on the individual's 2023 tax return.
Presumably this is a Schedule K-1 (Form 1065) from a partnership [Edit: or a Schedule K-1 (Form 1041) from a trust]. A capital loss carryover is applied first to capital gains, then what remains up to $3,000 can be applied to ordinary income. Anything that remains of the capital loss after that carries forward to the next tax year.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
