Carryovers_Regular and AMT_Operating vs Ordinary

Forum|Forum|1 year ago
February 12, 2025
1 reply
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Hello,

I am looking at my 2023 personal return - Passive Activity Deduction Worksheet (not done last year in TT).

I have OPERATING, Suspended Losses for both Regular Tax and AMT Tax that I need to carry forward to this year (2024). This is for Rental Real Estate.

Looking now in TT Home & Business, Under the Personal Tab - Report Carryovers - Regular Tax and Report AMT Carryovers, there is not an "OPERATING" option to use. Box 1 is "Ordinary income", Box 2a is "Ordinary income". There are also a few other Ordinary Gain/Loss options.

Where do I document OPERATING Suspended losses that are carried over from last year? Do I document them in Box 1 for Ordinary income?

Thanks!

TurboTax Home & Biz Windows

KMJKAuthor

Let me add to the above info, to be clear -

The suspended losses are from my business (partnership with my husband w rental real estate). This year I used TT Business and generated K-1s for my personal that I am entering in TT Home & Business.

I just assumed I should enter this info under the Personal Tab - Business Investment - K-1.

Though.... upon continuing to search since I wrote this, I found one source that mentioned to enter the OPERATING Suspended Losses for both Regular Tax and AMT Tax under the Business Tab - in TT Home and Office. I found "Net Operating Loss" under Less Common Business Situations. Is this the correct place for me to document these operating suspended losses?

Thanks again.