Your best option is to create a Schedule K-1 entry to retain the passive loss carryover on your TurboTax return. You'll need a copy of the last K-1 you received.
In TurboTax Online, open or continue your return.
- Go to K-1 (this is a link).
- On the Schedules K-1 or Q page, select Yes.
- On the Did you receive any Schedules K-1? page, select Yes.
- Select Start next to Partnerships/LLCs.
- Enter the basic partnership information. You don't need to enter percentages or capital balances.
- Do not check the box for "The partnership ended" or that you disposed of your interest.
- You don't need to enter anything for the box codes.
- On the page "Describe the Partnership," check the box for "I have passive activity losses..."
- The next several pages provide boxes for you to enter your carryovers.
- Continue the interview back to the list of K-1s.
Be sure to keep a copy of this K-1 in your tax documents in case you need to re-enter this information in the future.
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