Where do I enter Passive Loss from Partnership for Schedule E line 28 (g)?
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Level 2

Where do I enter Passive Loss from Partnership for Schedule E line 28 (g)?

A Grantor Letter I received from Metropolitan Creditors Trust shows Passive Loss from Partnership that should be reported on Schedule E Part II Line 28 (g).  I entered the loss in Schedule E using override, but during the SmartCheck TurboTax recommended that the override is cancelled in order to allow proper cross-checking and electronic filing.  Without the override the field is blank.  I cannot find a field in Schedule K-1 that would allow the entry of the passive loss and would carry over to Schedule E line 28 (g).  Where in Schedule K-1 or any other form should I enter this loss?  Or is there a section in the interview that would allow this entry with the limited information from the Grantor Letter?

1 Reply
Level 10

Where do I enter Passive Loss from Partnership for Schedule E line 28 (g)?

You need to eliminate the override and allow TT to handle the computation.

Based on the limited facts, it appears you are trying to force a loss onto a form that should not be allowed.

Passive losses are only allowed to the extent you have passive income.  If you do not have any passive income, then the passive losses are suspended until such time as you do generate passive income.

*A reminder that posts in a forum such as this do not constitute tax advice.*
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