I own a public stock that sends me a Schedule K-1 form. When I enter all the info on this form into TurboTax 2023, under "Business Items" - "Schedules K-1, Q" it shows $0, even though I had numbers in box 1 and other boxes.. Box 1 of my Schedule K-1 had -$1,123.. Why would it show $0?
If you're a passive partner, any losses are suspended until you receive income from the same partnership or sell it. If you look at the forms associated with the return, you'll find one for the K-1 that shows the losses suspended to future years. If you use TT next year, it will transfer those losses until you're able to claim them.
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