Passive Losses Carryovers From Prior Years - Where to Find on Schedule E

Forum|Forum|3 years ago
April 7, 2023
1 reply
0 views

My CPA is too busy so I'm switching to TurboTax Home & Business. I'm reviewing my 2022 1040 package for the baseline info - it's a inch thick with several forms, worksheets, statements and comparisons.

On what forms and line numbers do I find

Regular Tax Carryovers
Alternative Minimum Tax Carryovers
QBI Carryovers

These numbers are needed for this screen:

TurboTax Home & Biz Windows

DianeW777

Look for Form 8582 from your prior year return (2021). This should have your accumulative carryover numbers for your current year tax return. You should have one form for regular tax, and a second for alternative minimum tax (AMT) if you have any.

Review page 2 of your 2021 Form 8582 for the passive losses you have to carryover.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

ck2112Author

Thank you so much for responding!

To be clear - is the Regular Tax Carryover and AMT Carryover going to be $5448?

The number is same on both versions of the 2021 form 8582.

Is the QBI Carryover number available on any lines in this worksheet?

MonikaK1

Based on the screenshot you posted, yes, you have identified the passive loss carryover for Schedule E. See this help article for more information on K-1 carryovers.

The QBI worksheet you posted may have the correct loss carryover for Schedule E. To find the complete QBI carryover information, look for Form 8995 or Form 8995-A. See this tax tips article for more information.

If your total taxable income before the credit falls below $170,050 for single filers or $340,100 for joint filers, use Form 8995. If your income is over $170,050 for single filers or $340,100 for a married couple, use Form 8995-A.

If one of your businesses has negative qualified business income, you have to net that loss against your other entities' positive qualified business income in this section. You'll then have to carry forward any remaining loss to next year's tax return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"