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January 31, 2024
Question

Previous yr information not posted

  • January 31, 2024
  • 1 reply
  • 0 views

I used TurboTax for over 10 years.  In Business – Passive Loss Carryovers, TurboTax wants me to populate information from a previous year.  Will a future TurboTax update fill in this information for me?  I have no Idea where to get these numbers.

1 reply

February 1, 2024

If you have been using TurboTax for ten years then TurboTax should be tracking passive losses for you.  It should be carried over from year to year.  Typically, passive losses can only be taken against passive income or in the final year of the business activity that generated them.  If you have never generated passive losses then the system would not show any.

 

@Hannah-40 

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