Which value to use for passive losses carried over from 2019? The worksheet 5 of 8582 has a value for the "Unallowed loss", but TurboTax asks for values from Schedule E.

guesser — Mon, 15 Mar 2021 04:54:44 GMT

What the fields "Sch E - Regular Tax Carryovers", "Sch E - Alt Min Tax Carryovers", and "Sch E - QBI Carryovers" mean?

Re: Which value to use for passive losses carried over from 2019? The worksheet 5 of 8582 has a v...

DianeW777 — Tue, 16 Mar 2021 14:18:14 GMT

You can use the passive activity loss (PAL) carryover amount from the worksheet 5, 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

Edit Rental Activity > Under Less Common Business Situations > Edit Carryovers, limitations, at risk info, etc.

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

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.

Click this link to find out more about QBI: What is QBID?

topic Which value to use for passive losses carried over from 2019? The worksheet 5 of 8582 has a value for the "Unallowed loss", but TurboTax asks for values from Schedule E. in Investors & landlords

Which value to use for passive losses carried over from 2019? The worksheet 5 of 8582 has a value for the "Unallowed loss", but TurboTax asks for values from Schedule E.

Re: Which value to use for passive losses carried over from 2019? The worksheet 5 of 8582 has a v...