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How can I enter Form 8582 carryovers into Desktop TT Home & Business?

I'm using TT (desktop Home & Business edition) for the first time. In the past, I had my taxes prepared by my CPA. He gave me a list of Form 8582 carryovers from 2020-2022 for losses associated with investment funds in which I am a limited partner.  Some are passive activity losses. Some are passive QBI losses. Some are for AMT. All are shown as having originated from Schedule E, Part II. How/where do I enter these into TT so that it will use them for my 2023 return (if possible) and will track any remainders going forward?

 

Thanks!

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Accepted Solutions
PatriciaV
Employee Tax Expert

How can I enter Form 8582 carryovers into Desktop TT Home & Business?

Passive Loss Carryovers from a partnership are reported during the Schedule K-1 interview.

 

Check the box for "I have passive activity losses carried over from last year" on the page titled "Describe the Partnership" after entering the info from the individual boxes.

 

Continue through the interview until you see the page titled "Report Carryovers - Regular Tax". This is where you report the passive loss carryover by income category. Subsequent screens allow you to enter other carryovers, and AMT carryovers.

 

TurboTax will carry over your losses until they are completely matched with passive gains.

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2 Replies
PatriciaV
Employee Tax Expert

How can I enter Form 8582 carryovers into Desktop TT Home & Business?

Passive Loss Carryovers from a partnership are reported during the Schedule K-1 interview.

 

Check the box for "I have passive activity losses carried over from last year" on the page titled "Describe the Partnership" after entering the info from the individual boxes.

 

Continue through the interview until you see the page titled "Report Carryovers - Regular Tax". This is where you report the passive loss carryover by income category. Subsequent screens allow you to enter other carryovers, and AMT carryovers.

 

TurboTax will carry over your losses until they are completely matched with passive gains.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Khajanchi
New Member

How can I enter Form 8582 carryovers into Desktop TT Home & Business?

 
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