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Babak
Level 5
February 22, 2022
Question

Partnership NOL Carryforward

  • February 22, 2022
  • 1 reply
  • 11 views

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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1 reply

George4Tacks
George4Tacks
Level 15
February 22, 2022

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!
    B
    BabakAuthor
    Level 5
    February 22, 2022

    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
    February 22, 2022

    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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