I have 20 K1's entered in Turbotax. How do I see overall summary of the 20 K1's with real estate rental income and business income losses and how do I know if the passive losses are applied to the passive income from renting a house I have?
Also how do I check the total carry forward real estate rental income and business income losses from my investments with K1's?
Thanks,
Amit
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Hi Amit! These are great questions!
Since you’ve already entered your K-1s into TurboTax, you can rest assured that the software will parse the various K-1s and their entries to populate the proper tax forms that reflect your K-1 information. This is the beauty of TurboTax – you enter your tax information in accordance with the interview screens, and TurboTax takes that information and generates the appropriate tax forms that need to be part of your tax return. This includes applying the passive losses to other passive income you may have. An "overall summary" of the K-1s you entered really wouldn't be useful to you for this reason.
With regard to ensuring that your carryforward losses appear correctly, you can check Form 8582, Passive Activity Loss Limitations, from your prior year return to see that they were properly carried over (and perhaps applied against income) into the current year. The current year’s Form 8582 will show you what, if any, passive loss carryovers are remaining for the next tax year.
I hope this helps.
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