The form 8582 would be used to calculate your passive activity loss limitation if you were filing your 1040 for the 1st time in 2021. Turbotax would have automatically calculated this form when you would enter the passive activity loss from your 1065
K-1. Passive activity losses are offset against passive gains( passive income from the 1065 etc ) with the remaining loss carried over to the following year. If your AGI is 100K or less, then you can deduct upto 25,000 of this loss against your orinary income( W2 wages), if you had any.
In your situation, however you will fill out a 1065X which is an amended return for an 1065LLC for 2021 . You will also need to file a 1040X which is an amended return for 2021 for picking up the net loss on your personal tax return as well. Consequently, the state tax returns would have to be amended as well.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
