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Where in TurboTax do you enter an LLC carryforward loss from last year in this year's return. I want to use the carryforward loss against other income, not LLC-income of which I have none this year. Thank you.
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No, you would have to enter the loss as a carryover from the previous year, it wouldn't be allowed as a current year deduction if it came from a previous year.
You would enter the unused loss on the entry screen for the same activity in the current year. For instance, if you had unused passive losses relating to a rental activity reported on a partnership schedule K-1, you would enter the loss on the current year K-1 entry for the same partnership:
The loss will show up on Form 8582 Passive Activity Loss Limitations where it will be matched with income from other passive activities so it can be deducted from them as is allowed:
Original poster here continuing with the question. For example, can I simply enter the carryforward loss and enter it as expenses in the LLC his year and just not carryforward the loss again? And the expenses (loss) be automatically used in reducing my other non-LLC income?
No, you would have to enter the loss as a carryover from the previous year, it wouldn't be allowed as a current year deduction if it came from a previous year.
You would enter the unused loss on the entry screen for the same activity in the current year. For instance, if you had unused passive losses relating to a rental activity reported on a partnership schedule K-1, you would enter the loss on the current year K-1 entry for the same partnership:
The loss will show up on Form 8582 Passive Activity Loss Limitations where it will be matched with income from other passive activities so it can be deducted from them as is allowed:
Well, OK, Thomas, and thanks. I'll try that.
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