K1 losses from LLC - Ask TaxGuru

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04-14-2015, 05:19 PM

Milest0ne

Junior Member

Join Date: Apr 2015

Posts: 1

K1 losses from LLC

Over the past 4 or 5 years I have accumulated a large loss from LLC annual K1.

K1 for 2014 marked final shows a huge profit The IRS allows me to deduct accumulated losses and only pay taxes on net.

Cannot find anyplace on NJ 1040 to deduct accumulated losses forcing me to pay a tax on a rather large number that I actually never made..

Is this correct?????

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