Entering passive losses carried over from 2020 in TurboTax

[kirilldny]

I did not use TurboTax in prior years. Now I am trying to enter my rental property losses carried over from prior years. TurboTax instructions for this are as follows:

If you had Form 8582 last year, look for this info on Page 2 Worksheet 5.

I indeed have a form 8582 from last year and I see a loss there on Page 2 Worksheet 5.

However, TurboTax is asking me to enter 3 separate numbers:

Sch E - Regular Tax Carryovers
Sch E - Alt Min Tax Carryovers
Sch E - QBI Carryovers

Should I put a number from form 8582 Page 2 Worksheet 5 to each of them? Or just some of them? If so which one(s)? The number on form 8582 Page 2 Worksheet 5 does not say if it is a Regular Tax Carryover or Alt Min Tax Carryover or QBI Carryover. It is just a single negative number.

[PatriciaV]

If you had AMT or QBI carryovers from last year, those amounts would be reported on separate forms or worksheets. For AMT, usually you'll see "Alt Min Tax" under Form 8582 (Passive Activity Loss Limitations). QBI carryovers may be reported on a worksheet that is not part of your main return. 

In TurboTax, all three carryovers for each rental property are included on the Schedule E worksheet for that property. You might look through all the supplemental forms included with your tax return from last year.

[kirilldny]

Thanks for your reply. I do not see text "Alt Min Tax" anywhere on form 8582. I looked historically for many years and I do not see anything like this on that form in any year including years when I actually had to pay alternative minimum tax. Does this mean I should enter the same number for all three items (Regular Tax, Alt Min Tax, QBI)?

[DianeW777]

No  If you do not have any alternative minimum tax (AMT) carryover amount in your worksheets or forms from prior years then you should enter only amounts for the applicable boxes.  Qualified business income (QBI) carryovers may not be the same as regular tax loss carryovers. Likewise if you do not have a different AMT loss carryover, then you do not need to make an entry in that box.

TurboTax will have the amounts of carryover in your tax file from last year if you have any. If all you see is the passive loss carryover then you should enter that under 'Regular Tax Carryover'.

[kirilldny]

I used TaxAct in previous years so TurboTax cannot import anything.

However just entering zeroes for Alt Min Tax/QBI will make me forfeit all associated losses going forward and those losses are significant amount. Plus, I have no reason to believe that Alt Min Tax losses are less than regular tax losses. 

If anything, they should be more because the losses happened a while ago and I did not have AMT every year since that time so less amount of carryover should be used up.  That's why what I am actually interested in is to find out exactly what Alt Min Tax/QBI carryover amounts are. At the very minimum I want to estimate what those amounts should be approximately. If I need to do it manually I can but I have no idea how.

[kirilldny · Accepted solution]

My question was answered here:

https://ttlc.intuit.com/community/file-with-turbotax/discussion/re-passive-loss-carried-over-for-sch...