I have a k-1 form from estate/trust. Do I need to worry about passive loss carryovers or such? This is not from a business.

[guerin]

Estate/Trust accountant said to wait till I received the k-1 form from my uncle’s estate. Do I need to complete any passive loss carryovers or such?

[M-MTax]

Why worry about PALs? What did the accountant say?

[Irene2805]

Enter the information on the K-1 from your uncle's estate as it appears on the form you received. 

Passive activity losses can only be taken against passive income.  Passive income is derived from rental property, limited partnerships, or other activities in which you are not actively involved.

To enter the K-1 from the estate into your personal 1040 return, please follow these steps:

1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].
2. Under S-corps, Partnerships, and Trusts [in desktop:  Business Investment and Trust Income], click on the Update box next to Schedule K-1. 
3. On the Tell Us About Your Schedules K-1 screen, click on the Start/Update box next to Estates or trusts (Form 1041).
4. If you have already entered K-1 Estate/Trust information, you will see the Estates and Trusts K-1 Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  
5. If you haven't started enter K-1T information, continue through the screens, entering the requested information.