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Using turbo tax for first time - I have previous year PAL carryforwards, how to record?
I'm transitioning to doing my own taxes in turbo tax, so I don't have anything to roll forward from previous years. My accountant used to prepare a long list of passive loss carryforwards.. I checked the "I have passive activity losses carried over from last year" box about this LLC but the fields are one entry per type of loss (regular tax and AMT).
- I assume that's where I'm supposed to enter the allowed passive losses to pair against my passive income for this year only (2023)?
- If so, where/how in Turbotax do I create the long list of disallowed losses to be used in the future?
‎September 25, 2024
12:51 PM