Passive loss carryover mistake

Forum|Forum|2 years ago
March 18, 2024
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I realized as I was entering my K1 information this year that last year I had forgotten to tick the box to enter passive loss carryover from the previous year on my return last year. Can I just put the correct numbers in this year or do I have to also file an amended return for last year.

Mike9241

if you used Turbotax in 2021 the PAL c/o should have flowed automatically to 2022 so check that first. look at form 8582. You should see that PAL from 2021 on the form and a new carryover should have been calculated.

you may have had something that properly allowed the PAL to be utilized.

if for some reason the PAL c/o for 2022 to 2023 is incorrect you'll need to amend.

the 2021 c/o to 2022 should show in part VIII column (b) of the form for 2021

then the same for the c/o from 2022 to 2023 on the 2022 form