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How to enter passive loss carryover from K1

I have passive loss carryover from 2017 (on form 8582, filed by an accountant not TT last year). When I went thru K1 entry on TT for 2018 tax filing, I get to below screen for entering passive loss carryover. How should I populate this (get what number from which form to populate each field, 8582 or another form)? Thank you so much. unnamed.jpg

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9 Replies

How to enter passive loss carryover from K1


@gregandyuhong wrote:

I have passive loss carryover from 2017 (on form 8582, filed by an accountant not TT last year). 


The relevant figures should appear on your 8582 worksheets. If for whatever reason, they do not, you should contact the accountant who prepared your return for the previous tax year.

How to enter passive loss carryover from K1

Thank you very much, Tagteam. I do have Form 8285, however how should the numbers from Form 8285 be entered into the "input" screen on TT for loss carryover? i.e. what is the "Box1 ordinary income", "Box2a " on the screenshot in my original post, as I don't see those boxes on Form 8285? 

How to enter passive loss carryover from K1

You are welcome, but you need to get the worksheets from your accountant.

 

The boxes you mentioned are for pass through ordinary income and ordinary income from recoveries. If you had the worksheets your accountant likely has in his/her possession, this would be infinitely easier for you to enter the appropriate figures in the correct boxes.

How to enter passive loss carryover from K1

I have worksheet 1-7 for Form 8285 but still don't find any box match the one on the screenshot to input.. what am I missing? 

nikul_patel
Returning Member

How to enter passive loss carryover from K1

Greg, I have the same problem. Did you figure this out?

How to enter passive loss carryover from K1

I have the same issue!

DianeW777
Employee Tax Expert

How to enter passive loss carryover from K1

A passive loss carryover that is derived from the operations of the activity should be entered into the box labeled Ordinary Income with a minus (-) to indicate loss.  Results will be dependent on the percentage of ownership, whether it's a partnership and if so where it is a publicly traded partnership (PTP), whether it is a rental real estate activity, or whether it is an S-Corporation.

 

If the loss is due to a sale of capital assets then continue to the next screen to enter the loss carryover there.  As indicated above, your worksheets from the prior return will provide the details of the loss carryover (Form 8582 with worksheets).

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How to enter passive loss carryover from K1

I am running into same issue with TT 2023. How to enter this information?

DianeW777
Employee Tax Expert

How to enter passive loss carryover from K1

It depends.  My example will be for a partnership 1065-K1.  When you are in the K1 entry you must look for the screen with a checkbox. If it isn't checked then the page will not come up for your to enter your loss carryover.

  • 'I have passive activity losses carried over from last year
  1. Open your TurboTax return > Search (upper right) > Type k1 > Click the Jump to... Link > Select Yes > Start or Update beside your K1
  2. Continue to the screen noted above and make your selection
  3. Continue to the screen with the loses you need to enter 

Watch for any specific instruction on each screen.

 

@vinaytt 

                                 

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