herman523
New Member

How do you enter Passive Activity Loss carryover? It does not appear to be reducing my tax from an LLC distribution, even though I have made no profit from this LLC.

I did not use TurboTax last year, but am using Premier this year.  I am a member of an LLC which sold some assets in 2021 and had a distribution less than the original investment,  The 2021 Passive Activity Loss carryover is about twice the original investment (this loss was not allowed in previous years). When I enter the K-1 info and the Passive Activity Carryover loss in turboTax, it does not appear that the carryover is helping offset the "gains" in the K-1.  My tax increases significantly.  I think I am missing something.