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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.
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‎April 4, 2022
9:51 AM