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Babak
Level 5
Feb 22, 2022 8:20 PM UTC
Question

Partnership NOL Carryforward

I have a new partnership client that reported loss last year. Since I did nor prepare their return last year, how can I add it to this year? Is it added to the Partnership return? or to the partners personal taxes?

 

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5 replies

George4Tacks
George4Tacks
Level 15
Feb 22, 2022 8:37 PM UTC

See if you can reconcile the partners capital accounts for last year. Any loss on the 1065 should have ended up on the K-1s. 

Answers are easy. Questions are hard!
    BabakAuthor
    Level 5
    Feb 22, 2022 8:40 PM UTC

    Isn't that going to only apply to their capital balances? So they are not able to use it against this year profit?

    sjrcpa
    sjrcpa
    Level 15
    Feb 22, 2022 8:51 PM UTC

    Nope. All partnership items pass through to the partners on their K-1s. It's a flow through entity. Partnerships do not have NOLs.

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