K-1 Questionnaire - QBI Carryforward entries

Forum|Forum|4 years ago
March 2, 2022
2 replies
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TT doesn't seem to register my input. Last year, I bought rental property in a partnership (LLC Ptr). As a r.e. professional, I qualify as Actively Participating so it ties into my QBI Deduction. When I walk thru the K-1 questions, it carries forward the Passive losses and allocates them by year. Same for AMT losses. But when I get to the screen that asks me about QBI Carry Forwards, it auto-populates the total of the carryforward (-43,309) but lists 2020 and 2019 as blank so i fill in the -43,309 in 2020. However, when I get to the Federal Review it says that it needs me to enter the QBI Op Loss. When I look at the return preview, it still shows that 43,309 as being in 2018 - NOT 2020. When isn't it recording the info?

TurboTax Self Employed Online

AliciaP1

Level 13

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions:

At the top menu in the black line at the top of the page go to Online.

From the menu, select Send Tax File to Agent.
You will see a message explaining what the diagnostic copy is.  Click Send and then you will get a Token number.
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

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

martin3Author

Level 2

Hello Alicia

Thanks for the reply. The token is 744724 Will you being able to see this diagnostic file show you how or why it's not accepting my input at the "QBI Carryforwards?" screen? I did speak with an agent live earlier in the week. She helped me understand the tax logic but not the "why" of what's happening. Now that I see the actual step where it's not taking hold, I wrote this question. Anyway, let me know what you think!

AliciaP1

Level 13

Unfortunately, the token for the Live help folks doesn't work for my access. If you could please generate a new token by following these steps I can take a look!

Go to the black panel on the left side of your program and select Tax Tools.

Then select Tools below Tax Tools.
A window will pop up which says Tools Center.
On this screen, select Share my file with Agent.
You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number.
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

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

swalte13

Level 2

Sort of similar problem...

Working on a 2021 Trust tax return (Form 1041). I am getting an error message with my K-1 entry wks-Partnership as follows...

QBI passive op loss. Please enter or adjust information in this section. The sum of QBI Operating Loss carryovers from all years should be equal to the total amount as shown in Passive Loss Carryovers to 2021 Worksheet.

When I right click on the box highlighted (which is 2018 operating loss line) and click on data source I get the following dialogue box...

K-1 Entry Wks-Partnerships (Third Letter L, LLC) : QBI Passive Op Loss

Prior Year Suspended Loss Carryovers
If there is a suspended passive loss carryover from prior year and the transfer option was used, the program uses information from the prior year Carryforwards section to populate this table. These results are used in computations to determine the amount of passive loss freed for QBI purposes.

If you did NOT use the transfer option and have manually entered a total amount in the Passive Loss Carryovers Smart Worksheet on this activity, you must enter the amount attributable to each prior tax year here to correctly calculate freed passive losses for QBI purposes.

Note that for QBI purposes, passive loss carryovers incurred prior to the 2018 tax year are not allowed. See government instructions for more information.

How do I correct this?? The loss which would balance to the total carryforward number is from before 2018 and according to the bold statement above QBI losses prior to 2018 are not allowed.

Thank you for your help!

RobertB4444

Level 15

@swalte13 The system is correct - passive losses from before 2018 are disregarded for QBI purposes. You will need to delete any amounts from prior to 2018 from the worksheet in order to correct the issue.

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