I have these on my K-1: 99o46 99o47 Estimated Tax Basis Cumulative Passive Losses 714 294. When I go through turbotax, two checkmarks are automatically selected: "I have passive activity losses carried over from last year" and "All of my investment in this activity is at risk." When I have the "I have passive activity losses" selected, the federal tax goes down, however when finalizing the taxes the turbotax tool asks for fields that are blank or already filled and keeps saying "Needs Review." If I deselect the "I have passive activity losses" those errors go away, but my tax owed goes up by $100. Can I go ahead and uncheck and just keep this tax burden since I don't want to deal with the turbo tax automated?
When you receive a Schedule K-1, it reports your share of income, deductions, and credits from a partnership, S corporation, estate, or trust. The items you've listed, such as "Estimated Tax Basis" and "Cumulative Passive Losses," are important for determining your tax situation. The "Cumulative Passive Losses" figure (714 in your case) represents losses from previous years that you haven't yet been able to deduct. These losses are typically only deductible against passive income, and if you don't have enough passive income, they carry over to future years. TurboTax is likely pre-selecting the "I have passive activity losses carried over from last year" based on information from your previous year's tax return. If you indeed have passive losses that have not been fully utilized, this box should be checked, as it could reduce your taxable income. The "All of my investment in this activity is at risk" statement relates to at-risk rules, which limit loss deductions to the amount you have at risk in the activity. If all your investment is at risk, you can potentially deduct more losses. If TurboTax is asking for additional information and you're unable to provide it, or if it's causing errors in your return, it's important to resolve these issues. Incorrectly reporting your tax information can lead to problems with the IRS later on. Here are your options: 1. **Review Previous Returns**: Look at your prior year tax returns to confirm whether you
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