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Old 03-24-2009, 01:40 PM
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Schedule K-1 (Form 1041)

I have a Schedule K-1 (Form 1041) showing a $490 loss in line 11a and a $3,300 loss in 11d. Is this something I can claim on my personal taxes? If so, how do I do that? Losses were only shown on my Federal Schedule K-1, not on the schedule K-1 filed with my state.

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Old 03-25-2009, 03:09 PM
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Your $490 Code A loss is entered on Schedule A, line 23, Miscellaneous deductions (sorry about the 2% floor). Your $3,300 Code D loss is entered on Form 1040, line 21, as a Net Operating Loss. Read the 1040 instructions about line 21.
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