Passive loss carried over for schedule E from 2020

Forum|Forum|4 years ago
April 6, 2022
2 replies
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I am switching to TurboTax from TaxAct and I need to enter passive loss carried over for schedule E from 2020 for my rental property.

Specifically, TurboTax is asking me to enter 3 numbers:

Sch E - Regular Tax Carryovers
Sch E - Alt Min Tax Carryovers
Sch E - QBI Carryovers

I understand that the first number (Regular Tax Carryovers) I can get from 2020 form 8582 page 2 worksheet 5.

Where do I get the other 2 numbers from?

TaxAct produces just one form 8582, I do not have any additional forms for AMT even though I pay AMT.

Should I use the same number from form 8582 page 2 worksheet 5 for all 3 questions (Regular Tax/Alt Min Tax/QBI)? If not where specifically do I get numbers for Alt Min Tax and QBI?

Best answer by MaryK4

If you did not have AMT adjustment, you can use the same as your regular. (Just FYI- the AMT carryover loss would be bigger than normal if applied)

Yes for QBI Carryforward Line 40 on 8995-A.

@kirilldny

MaryK4

Level 15

For the AMT Carryovers, you would have to re-calculate your 8582 carryovers applying credit for any Form 6251 adjustments. If you did not have AMT, you do not have to recalculate.

The QBI should be on a SCHEDULE C (Form 8995-A). If you did not use your rental activity as QBI, you would not have carryovers.

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kirilldnyAuthor

Level 2

Thank you, that was very helpful.

Just want to confirm.

- If I did not have AMT or did not have any AMT-specific adjustments then I should enter exactly the same carryover number for both Regular Tax and AMT, correct?

- I do have Form 8995-A in my return. For the purpose of that carryforward should I use number on line 40: