Allowed losses are not transferring from 8582 to Sch E

Forum|Forum|3 years ago
April 4, 2023
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I have several K-1s entered and the allowed losses are correct on the form 8582 as well as the continuation statement, but they are not transferring correctly to Sch E from 8582. The numbers from the continuation statement seem to be transferring correctly, but not from the actual form 8582.

The program seems to be adding a loss to other income on Sch 1, but even that does not quite balance out correctly.

TurboTax Home & Biz Windows

JamesG1

What entries are you seeing in Part II of the Schedule E that look out of place? Please clarify.

What entries on IRS form 8582 Passive Activity Loss Limitations are incorrect?

The entry on Schedule 1 Additional Income and Adjustments to Income line 5 should transfer from Schedule E Supplemental Income and Loss line 41.

@baydelawn

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baydelawnAuthor

@JamesG1

If I am understanding the form correctly...... On Schedule E Part II Line 28 column (g) the allowed loss figures should match the allowed losses for the same activities from 8582 part VIII. The figures from the continuation statement of form 8582 match exactly to Sch E, but the figures coming directly from 8582 part VIII do not match.

JamesG1

If the loss is not being reported on iRS form 8582 Part VIII, on what section of IRS form 8582 (page 2) are they being reported?

As an example, a passive loss may be allowed on Schedule E line 28(g) and be reported on IRS form 8582 Part V because some other source of partnership income has been reported which 'covers' the loss reported on box 1 of the K-1.

Is this the source of the 'other income on Schedule 1' that you referred to? Is this the 'other income' reported on Schedule 1 line 8z? Schedule 1 line 4? Or somewhere else?

@baydelawn

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