I am trying to determine my passive loss carryover for a rental prop using last years return. I have a Sch E loss on 8582 line 7 AND on 8995 I have QBI loss carryforward. Do I enter them BOTH? It would seem since it is asking specifically about this one rental, that I should enter it as a regular tax carryover, and it will ask for QBI carryover later?
yes PAL and QBI carryovers are separate items. Quite often there the same amount.
if you used Turbotax in the prior year rolling the prior year return to the curret year should also roll those c/o's
if not, you can find PAL c/o on for 8582 section VII or VIII
if you only have one passive activity it this should be the same as 8582 loss on page 1 line 3 less the allowed loss, if any, on line 11 from the prior year
QBI c/o form 8995 line 16 of prior year form and yes Turbotax will ask about them.
there may also be a question about PAL AMT c/o which would come from the prior year 8582 for AMT (alternative minimum tax)
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