I'm in my first year of trading with a prop firm, have been "paying for my education" in the market, and expect to have a net loss reported on my 2003 K-1 form. Not being familiar with K-1 reporting I'd like to know what happens with the loss tax-wise. I assume it offsets other income for 2003 but what if it is greater than all my other income? Is there any "carry forward" provision for the loss as there is with capital gain/loss? Or does the loss just evaporate with 2003, never to be seen again on subsequent tax returns?