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Can I uncheck "I have passive activity losses carried over from last year" ?
For several years, I have used TurboTax Business to file my S Corp and TurboTax Online to file for myself. During the startup of my S Corp, I erroneously indicated the first year of loss as a passive activity. All years since then have properly been classified as non-passive income (product sales). It's unlikely I will ever have passive activity in the future. TurboTax Online has pre-checked the statement "I have passive activity losses carried over from last year." What will happen if I uncheck the box? Will the PAL stop carrying forward every year, and is this allowable/advisable?
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‎April 8, 2022
11:58 PM