My question is similar to Solved: I have a schedule K-1 LLC. What do I put for carryovers for "Box 2a"? Do I put my passive ac..., but I am not quite able to translate that to my use case.
Let's say that ABC LLC had a loss (rental activity, K-1 / 1065 box 2) last year which was not allowed to offset anything that year, and so carried over (specific row in Form 8582 Part V and contributing to 8582 Part I line 2d). Let's say the number for ACB LLC in 8582 Part V was "-500".
For this year, I am struggling with how to represent that in the "I have passive activity carryovers from last year" workflow, particularly the following page "Report Carryovers - Regular Tax". Do I put the -500 in "Box 1 - Ordinary income", *or* "Box 2a - Ordinary Income", *or* somewhere else?
Some thought going in to this:
- What are these box references? Should they really be "8582 Part I line 1d" and "8582 Part I line 2d"? Are they even referring to 8582? If not, what form are they referring to.
- When I first entered this K-1 for current year, I think TT automatically put the -500 value in the "Box 1" box, so that might be right.
- On the other hand, I have read that "Box 2a" may be the right place for real estate rental losses.
Thanks for any advice.
