- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
MAGI not correct for rental loss calculation
My AGI is below 150k (on 1040) but if adding back the rental loss for MAGI calculation, it will be above 150k, which should disallow me from deducting rental losses. Turbotax does not seem to be able to catch this and still reports a rental loss deduction on the final return (schedule 1, line9). Please let me know if there is a way to correct this?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
MAGI not correct for rental loss calculation
If your modified adjusted gross income (MAGI) as defined at this link is more than $150,000 and your rental loss is included on Schedule 1, line 5, check to see if you answered that you are a real estate professional as defined at this link. If so, the loss is not passive, and is not subject to the $150,000 MAGI limit.
**Mark the post that answers your question by clicking on "Mark as Best Answer"

- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
MAGI not correct for rental loss calculation
Yes there shows a loss on Schedule 1, line 5.
My situation is that I am renting out part of my primary residence that I live in and I answered that I am not a real estate professional. Is there a way to see how the form 8582 is done by Turbo tax?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
MAGI not correct for rental loss calculation
You can pay for the product to look at the form or call tax support by selecting this link. They have the ability to research a diagnostic from your screen to help explain 8582 details.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?
Or browse the Forums