2360654
How can I disable the deduction of passive loss carryover from previous years?
in 2020, my income was lower, TurboTax deducts my passive loss($25,000) in schedule 1, line 5, I don't want that, because I get zero benefits. How to disable it?
I would like to keep the passive loss carryover to a future year when I have positive passive income, so they can cancel out.
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you can't unless you override. you would be violating the tax laws. the PAL may create an NOL which you can elect to carry forward. if you do not and have an NOL it would have to be carried back to 2018. any override would prevent e-filing and void TurboTax's accuracy guarantee. this might be caught by the IRS which would change your return to what it would have been except for the override.
Thank you, Mike, very good information.
Do you mind to share what is PAL and NOL?
Thanks.
Never mind, I think I found the answer to my question now, PAL is passive activity loss, and NOL is net operating loss. Thank you.
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