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fat-guy
Returning Member

I have normal passive carryover from last year. But a 465D at-risk carryover appears in "other expenses" section. It won't disappear even I removed it.

I have normal carryover from last year due to the passive limitation. But a 465D at-risk carryover appears in "other expenses" section. It is the same amount as my passive carryover. I checked the calculation and pretty sure that the carryover has been double counted. I try to delete the 465D carryover from the "other expense" section. Even I deleted it but it won't disappear. When I go back it is still there. Is this a turbo software bug? And how to delete it?
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4 Replies
ToddL99
Expert Alumni

I have normal passive carryover from last year. But a 465D at-risk carryover appears in "other expenses" section. It won't disappear even I removed it.

 If you are certain you didn't have a  Section 465 (d) carryover  from prior years (or it is double-counting), you can clear this up by  adding a  negative "Miscellaneous" expense  and describe it as  "Section 465 (d) carryover  offset".

 

A Section 465 (d) carryover refers to the ‘at-risk’ rules of Section 465 of the Internal Revenue Code.  Under that section, your losses are limited to the amount you have at risk in the activity.  A loss that was disallowed because of the at-risk rules is generally treated as a deduction from the same activity in the following tax year (ie. carried over). 

 

I have normal passive carryover from last year. But a 465D at-risk carryover appears in "other expenses" section. It won't disappear even I removed it.

The response is ridiculous. I have the same problem. I want to find out where I double-entered the carryforward.  I went to "forms" and found that the carry forward items from my prior return was not showing up. So I entered them. Now they are double counted and I can't get back to the form I entered them on. To show an "offset" is a WORKAROUND. I want to know how to FIX this problem.

 

simonplum
New Member

I have normal passive carryover from last year. But a 465D at-risk carryover appears in "other expenses" section. It won't disappear even I removed it.

I have the exact same issue - TurboTax please fix this otherwise I'll just go and use FreeTaxUSA which appears to be doing this correctly for far less $$$

simonplum
New Member

I have normal passive carryover from last year. But a 465D at-risk carryover appears in "other expenses" section. It won't disappear even I removed it.

This workaround also no longer appears to function (at least for E-file) because TurboTax keeps telling me the negative offset to the carryover is outside of the allowed min/max. PLEASE HELP!

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