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If I delete and regenerate schedule E, will data be pulled in from my K-1 automatically?
I created a schedule E before I finished entering my K-1 (partnership, LLC). Now I do not know where to input my passive activity loss from this year, as I am unable to put a negative number for rental income (I have a net loss of rental income). My taxes were done offline last year, and my passive activity loss was listed under 'rental real estate income (loss),' however I do not know where or how to put this into my schedule E on Turbotax. If I delete my schedule E and recreate it, will the information from my K-1 auto-populate my "rental real estate income or loss"? Alternatively, how do I input the rental real estate loss in the schedule E on Turbotax?
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Business & farm
Delete the schedule E you created. Do not manually enter a schedule E: if you input a K1, a 'hidden schedule E' will be created and included in your tax return.