2022 Taxes - [Report Carryovers - Regular Tax]

[chicagolaker]

I have prior year (2021) carryover losses that I am entering for 2022. In the [Report Carryovers - Regular Tax] section, there are two bolded fields... Box 1 - Ordinary Income and a Box 2a - Ordinary Income fields. Which field do I enter my carryover loss into? What is exactly the difference between the two fields?

[tagteam]

Which type of carryover losses are you trying to enter?

There are different sections of the program for different types of carryover losses. Further, most carryover losses will transfer in to the following year's return if you used TurboTax previously.

[chicagolaker]

I am entering passive activity loss from the year before. I didn't use Turbotax to file last year so I am entering in the carryover manually.

@tagteam 

[tagteam]

Understood, but is the loss from a rental?

There is a section in the program where you can enter prior year losses.

[chicagolaker]

yes it is from rental properties. LLC partnership so I have schedule K-1.

@tagteam 

[tagteam]

When you are entering your K-1, do you see the screen below? If so, check the box.

[chicagolaker]

yes I did select that and that eventually led me to the [Report Carryovers - Regular Tax] section, which shows me those two boxes. Box 1 and Box 2a.

[tagteam]

Box 1