Question

What happens to Schedule K-1 suspended loss on windup?

I had a final Schedule K-1 that had carryover suspended losses and section 199 QBI losses.

Should there be come carryover to the next year?

Or does it just go away?

I can't find anyplace that TT carries it forward.

Employee

Suspended losses should be released upon disposition.

I'll page @Mike9241 for input.

On looking at the prior year (2021), I see that I didn't mark the Schedule K-1 as "final".

Perhaps that is the reason.

Is there any way to recover from this short of amending the 2021 return?

Some sort of statement and manual entry?

if 2021 was the final k-1, you have no choice but to amend. you cannot take the losses in 2022.

Ouch.

Can I e-file the 2021 1040-X with TT?

Would that mean I would need to start 2022 completely over with a fresh import from 2021?

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