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You may enter these carryovers from the prior year's tax return by following these steps.
IRS Form 8582 is used by taxpayers to figure the amount of any passive activity loss (PAL) for the current tax year and to report the application of prior year unallowed PALs.
What line # on this federal form would be the “Regular Tax”? And “QBI Carry overs from prior years”
if doing the interview, it asks if there were any passive losses, and there were, does that mean just for that year? Why doesn’t this section auto populate based on entries ? What happens if that section was clicked no in prior years?
thank you
There are certain items that you are required to enter each year. TurboTax can't know for sure if your return has been changed or amended. You should check carryovers/carry forwards each year to be sure they are included in the current year tax return. Always be sure to enter any carryover losses from the prior year.
It says regular tax carryover in Sch E or QBI carryover in Sch E!
I can figure out where the regular tax carryover is but where is the QBI carryover in Sch E!
ANSWER THE QUESTION CLEARLY PLEASE. WHERE IS IT!
Are we supposed to put both numbers? Or just one box filled. Remember we are using TurboTax because we are not experts on thus!
Did you ever figure it out? Cause I am confused too.
Form 8582 Part VII shows your sch E and QBI carryover loss in last year's return, this includes regular and AMT. The section has the name of the activity and form so you should be able to see if anything is listed there. If the section is blank, you have no carryforward of those losses.
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