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How to carryover Non passive loss from Schedule K-1 ?

Forum|Forum|6 years ago
June 6, 2019
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I have Non passive loss and Passive income from Schedule K-1s.

I also have rental real estate income.

Since Non passive loss is greater than sum of Passive income and rental real estate income, Schedule E Line 41 Total income or (loss) is negative.

Q1: How do I carryover Non passive loss from K-1 (amount in Line 41) from TY2018 to TY 2019 and beyond ? Is there a limit each year?

Q2: Where do I enter above amount in Turbo Tax for TY2019 ?

Q3: Does Turbo Tax keep track of unused Non passive loss from K-1 that can be used in future year?

Thank you !

TurboTax Home & Biz Mac

Best answer by TerryA

TurboTax computes all of that for you. Any suspended losses are carried over to the next year. You can see those fields in Forms Mode. Open the K-1 and scroll down to Section A. Column (b) receives the transfer from your prior year return and the current year's suspended amounts are in column (d). Column (d) is what transfers to your next year's return.

T

TerryAAnswer

Employee

TurboTax computes all of that for you. Any suspended losses are carried over to the next year. You can see those fields in Forms Mode. Open the K-1 and scroll down to Section A. Column (b) receives the transfer from your prior year return and the current year's suspended amounts are in column (d). Column (d) is what transfers to your next year's return.

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gregandyuhong

Follow up question - how do I enter passive loss carryover from last year's Form 8582 (filed by a tax accountant not Turbot tax) into Turbotax? I went through the entering K1 info. process but not sure on which form(s) I shall gather info. for below to enter passive loss? thank you.