Investors & landlords

Let's try to sort this out. There are two different carryover losses being addressed in your question.

1. Passive Activity Losses (PALs) from your residential rental property
2. Qualified Business Income (QBI) loss from 2019 if your rental property qualified for this deduction. 
   • Review the information above to see if your rental activity meets the qualifiers for QBI deduction

You may have to enter these amounts into your 2020 tax return.

You can use the passive activity loss (PAL) carryover amount from the worksheet 5 or 6, Form 8582, 2019 tax return shown as unallowed loss. The alternative minimum carryovers may be the same if your assets are using the 27.5 year depreciation method (most common).  Look for a similar Form 8562 with "Alt Min Tax" under the main title

• Use the Search (upper right) > Type rentals > Select Edit beside your Rental Activity  > Under Less Common Business Situations > Edit Carryovers, limitations, at risk info, etc. > Continue to enter your passive loss carryover.

The qualified business income (QBI) carryover is entered under your rental activity as well.

• Under Income and Expenses > Other Business Situations > Net Operating Loss/QBI Carryforward Loss

TurboTax does carryover most of prior year data and apply it to your return, occasionally you need to enter certain data from the prior year.  Any loss that is unallowed in 2020 will be shown on the same form (8582).

Phaseout Rule: The maximum special allowance of $25,000 ($12,500 for married individuals filing separate returns and living apart at all times during the year) is reduced by 50% of the amount of your modified adjusted gross income that’s more than $100,000 ($50,000 if you’re married filing separately). If your modified adjusted gross income is $150,000 or more ($75,000 or more if you’re married filing separately), you generally can’t use the special allowance. This is because the special allowance is reduced to $0 since the modified adjusted gross income is over the $100,000 amount.