Question

How do I get form 8582 in Turbotax

Forum|Forum|4 years ago
February 27, 2022
4 replies
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I have passive losses carried over from previous years, and also losses for the tax year.

Thus, I need form 8582.

So far, I have not been successful in getting form 8582, so I correctly breport the current carried over passive losses.

P

PattiF

You will need to enter these passive losses in the TurboTax Desktop version using the forms mode.

1. Search in forms for Schedule E Wks for the rental property

2. Scroll down the worksheet until you get to Carryovers to the 2021 Smart Worksheet. Enter your passive activity losses on line G, Schedule E Suspended Loss. Be sure to enter the passive activity loss as a negative amount.

3. Click on "Step-by-Step" in the upper right-hand corner to return to the program.

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A

aklajmanAuthor

I have TurboTax online, and my passive losses are caused by K1 forms, not real estate.

Do I still follow what you described?

PatriciaV

Employee

Passive Loss Carryovers from a partnership are reported during the Schedule K-1 interview.

Check the box for "I have passive activity losses carried over from last year" on the page titled "Describe the Partnership" after entering the information in the individual boxes.

Continue through the interview until you see the page titled "Report Carryovers - Regular Tax". This is where you report the passive loss carryover by income category. Subsequent screens allow you to enter other carryovers, and AMT carryovers.

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A

aklajmanAuthor

I have done exactly what I was instructed to do, and still no form 8582.

I have passive passive loss for the tax year 2021, as well as carryovers from previous years, however form 8582 is not being generated.

DaveF1006

Try this method in your Turbo Tax Online account and this should generate your 8582. I did for me in my sample program.

Go to federal>income and expenses
S-corps, Partnerships, and Trusts>Schedule K-1
Select edit net to the K1 you wish to edit.
After you have entered all your information about your K1 and scroll through the enering information that is in your boxes, there should be a screen that says Describe the Partnership. Here you will check that:

All of my investment in this activity is at risk and
I have at-risk losses carrying over from 2020.
The very next screen is titled, Enter Your At-Risk Loss Carryovers on the Form Below. In the middle of A line 1, put in your losses from a previous year. You may need to enter this twice because the program may not have recorded it the first time it was entered. Make sure the amount is entered and stays in that box.
Next you may go to tax tools>tools>delete a form>and verify form 8582 is there. It was for me and should be for you.

See if this helps and let us know if this is successful.

@aklajman

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A

aklajmanAuthor

I have done everything as per instructions.

Here are my steps:

I went the following path:

Federal Taxes=>Wages & Income=>Business Items=>Schedules K1=>Partnerships

In the section "Describe The Partnership", the following two boxes were checked:

1) "I have passive losses carried over from last year"

2) "All of my investments are at risk"

Then, I went through the following:

Report Carryovers=>Regular Tax=>Box 1

In the "Ordinary Income", I put the loss carried over from the previous year.

Still no form 8582 was generated. There should have have been one generated, as not only was there a carryover from previous year, but also 2021 has a passive loss.

DaveF1006

It depends. When I plugged this into my sample program, I had to make sure that the carryover amount stuck in the program. When I entered the amount in the middle column (A Line 1) of the 8582, it disappeared initially.

I had to enter it in twice for it to record in the 8582. Make sure when you enter it and then click outside the box, that carryover amount stays populated n the middle column. Then check to see if the form is there in tax tools>tools>delete a form>see if form 8582 is listed.

@aklajman

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