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ETub
Level 2

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?

Due to computer issues I lost my 2021 tax forms. I requested and received my 2021 forms from the IRS but they are not very helpful. I need to determine my QBI unallowed losses, Suspended Loss Carryforwards, etc for a K-1 and personal rental. I have my 2019 and 2020 Turbo Tax forms. I also have my 2021 IRS printed forms.  How can I figure this out?

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8 Replies
MonikaK1
Expert Alumni

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?

If you used TurboTax Online to complete your 2021 return, follow the steps shown in the article,  "How do I view, download, or print a prior-year return?" to locate your return and access any supporting worksheets that wouldn't be part of the return documents received by the IRS.

 

As explained by DawnC0 in this thread, a passive loss carryover is created when you have more expenses than income (a loss) from passive activities in a prior year that could not be used that year. Instead, the passive loss is carried forward to future tax years to offset any passive income. The loss continues to be carried over until you use up the entire amount.

 

Passive Loss Carryovers can be created by any passive activity. Most come from rental properties (Schedule E). If you used TurboTax to file your tax return last year, any Passive Loss Carryovers would appear on Schedule E Wks - Carryforward to 2017 Smart Worksheet (final page - note this is a TurboTax supplemental schedule and not an IRS form).  

 

The Passive Loss Carryover appears on Form 8582.  

 

When you prepare next year's return with TurboTax and show passive income, TurboTax will apply any suspended losses available from this year's tax return.  

 

Your QBI deduction and carryforward information are on Form 8995. If you need to enter the carryforward manually, the entry screen is in Wages & Income, Other Business Situations, Net Operating Loss/ QBI Carryforward Loss.

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ETub
Level 2

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?

I used the desktop version, so I am not able to retrieve any information from TurboTax unfortunately.  My IRS documents show: QUALIFIED BUSINESS NET LOSS CARRYFORWARD ($21k) and TOTAL QUALIFIED BUSINESS LOSS CARRYFORWARD ($34k) and TOTAL QUALIFIED BUSINESS INCOME OR LOSS (-12K).  None of this makes sense to me.  I'm not sure how to enter this information on my 2022 form.  I should mention that I have a rental that I owe myself and another rental that is in a LLC with a partner (K1 - form).  On top of this I'm concerned I won't be able to figure out my Unallowed Loss in the K-1.

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?

You lose your deductions when you lose the supporting documents required in an audit.

ETub
Level 2

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?

I have almost all of the documentation from my 2021 IRS copies.  It just doesn't state all of the unallowed losses I have accumulated.  I was hoping someone would know how to calculate that.  If what you saying is true and I forfeit the accumulation from 2021 then should I just use pick my unallowed losses from 2020 which I do have?

RobertB4444
Expert Alumni

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?

If your losses for 2021 were significant then my advice to you is to recreate your 2021 return.  Tell the system you're going to paper file and then roll it over into 2022.  You said you have all of your supporting documentation as well as access to the 2021 desktop software.  That is a better plan then trying to interpret the IRS' version of your return.  The other option is to see a tax professional to see what they can get from your transcripts.

 

Losing computer data is a hassle.  Good luck!

 

@ETub 

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kd812200
New Member

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?

Can't finish 2022 without 2021 

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?


@kd812200 wrote:

Can't finish 2022 without 2021 


To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

 

On the Tax Home webpage -

Scroll down to the section Your tax returns & documents.  Click on the Year and Click on Download/print return (PDF)

 

If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.

 

Or go to this IRS website for free federal tax return transcripts - https://www.irs.gov/individuals/get-transcript

For a fee of $43 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf

lost my 2021 tax forms - IRS copies not helpful with Unallowed Loss / Carryforwards - How can I figure these out for 2022?

Your "Record of Account" at IRS.gov will show your 2021 LT and ST losses as reported.

With this and your $3,000 deduction you can reconstruct your carry forward worksheet.

 

@kd812200 

@ETub 

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