How do I report the passive loss carryover from previous years when I sell all shares of an MLP? First time I'm using TT, so it is not automatically entered for me .

[bioguy]

I sold all shares of an MLP.  I entered the information I received on my 1099-B and K-1, making necessary adjustments to the sales proceeds and cost basis to make sure the sales was listed only once with the correct values for ordinary gain and capital gain.  Since this is my first time using TT, I also manually entered the passive loss carryover for this MLP from previous years.  I'm using the online version of TT and entered the passive loss carryover in a box labeled "Long Term - Sale of Partnership Interest Capital Loss".  However, I don't think I entered it in the right place because none of my current income was offset by the passive loss carryover.  How do I fix this?

[CherylW]

I figured it out!

See the below screenshot.

It's in the Rentals section.  When you get to the listing of the type of properties, choose Other.  The next screen is the one you want.

Thanks for the challenge!

[CherylW]

The box that you entered it in is for current year losses only.

To enter prior year losses to be treated as a carryover:

1.       Click Federal on the left-hand side menu.

2.       Click Income across the top.

3.       Scroll down to Investment Income and click Show more.

4.       Click Start or Revisit by Capital Loss Carryover.

[bioguy]

Thanks but I don't think that is correct.  I don't have a capital loss carryover.  I have a passive loss carryover generated by ownership of an MLP (which is a business partnership.)  So, I click Federal on the left side menu, then Income across the top, then scroll down to "S-corps, Partnerships, and Trusts", click Show More, and choose "Schedule K-1"  After filling in info on about 20 screens, I get to a screen that says "Describe the Partnership" and I check the box that says "I have passive activity losses carried over from last year".  The next 2 screen provide boxes to report the carryover.  There are about 20 different choices with NO explanation about where I should enter the carryover.  I tried several.  When i entered the carryover in the first box, which says "Box 1 - Ordinary Income", all the forms seem to be filled out correctly, but I don't know if that is the right place to enter the carryover or not.