I have a loss showing on my LLC K-1 that is greater than my tax basis in the investment. TT is reflecting the full loss in calculating my tax liability. Where should the basis info be entered for TT to recognize it?
Yes, you may enter the Capital Account Information (including contributions & distributions) from Schedule K-1 during the initial screens of the K-1 interview process. Once you have entered your basis, the loss should be limited, and the excess carried forward.
The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "schedule k-1", hit Enter, and click on "jump to schedule k-1" to go directly to beginning of this topic.
If you have already entered the income from Schedule K-1, you'll need to answer "No" on the page "Review your Information." This allows you to edit all the basic information about the K-1, including the Capital Account info that appears under "Partner's capital account analysis", usually Part II, section L.
Note that this is the capital balance per the partnership, which may not agree with your own accounting records due to differences in partner-specific allocations. If your basis is different, you may wish to enter your own numbers for the Capital Account, to ensure that the loss limitation is calculated correctly