I am a member of two multi-member LLCs: LLC-A and LLC-B. I have passive business income/loss from both LLC-A and LLC-B as follows:
1. Tax year 2019:
a. LLC-A: passive business income of $13,000
b. LLC-B: passive business income of -$20,000 (loss)
As per IRS rules, the entire passive business income of $13k was nullified, leaving -$7k (loss) to be claimed in future year(s).
2. Tax year 2020:
a. LLC-A: passive business income of $3,000
b. LLC-B: passive business income of $9,000
As there is $12k of total passive business income, I should be able to deduct the -$7k (loss) leftover from the previous year for a net total business income of $5k for 2020.
I am using TurboTax Home & Business to file my tax return in 2020 but had used a different software to file my tax return in 2019.
My question is: where/how do I enter the -$7k (loss) carryover from 2019 to offset the $12k total business income in 2020?
