I'm trying to change NJ's NJ-BUS-2 form line 5b (prior year carry forward for an investment property) but can't figure out how to do this with TurboTax online. If it matters, I am not a resident of NJ but have an investment rental property there.
I've completed this outside of TurboTax in previous years - now that I'm trying to start using TurboTax for all of my states, I'm having trouble getting the carry forward initiated properly. It seems to only allow automated population from last year's form but how do I start using TurboTax for this state if I can't set it the first time?
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I found the solution to my own question after further clicking around.
Using the online version, in the State section, under Adjustments, I came to this page which allowed me to edit the passive carryover. Being at the state level, it might not be the same for other states but this worked for New Jersey.
You need to enter the carryforward loss in the federal section of TurboTax. I the case of a capital loss carryover, you need to use these menu tabs in TurboTax:
If you are referring to a passive rental loss carryover, you will find this screen in TurboTax that says Do any of These Situations Apply to this Property?, where you can indicate that you have a passive loss carryover and you will then be asked to enter the amount:
I found the solution to my own question after further clicking around.
Using the online version, in the State section, under Adjustments, I came to this page which allowed me to edit the passive carryover. Being at the state level, it might not be the same for other states but this worked for New Jersey.
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