K-1 How to find Passive Loss Carryover from prior year filing?

[hno4]

I have two questions:

1. I have K-1 Form which has both box 1 and box 2 so TT asked me to input separate entries, however, I have box 10 Net section 1231 gain (loss) value, should I input this value for both entries?

2. I have prior passive loss carryover for both entries, however, the TT form is very different from 8582 Form, I didn't find the ordinary income, is it from Part V column e Loss cells? Which seems to cumulative carryover loss for all the years. Could anyone has detailed instruction? My 2023 tax used online version.

[PatriciaV]

1) Enter the information for Box 10 on the first copy of Schedule K-1 only. Leave the other copy blank for Box 10.

2) Yes, your Box 1 ordinary loss carryover is the amount on Form 8582 page 2 Part V column (c) on the row for this investment. This is a cumulative number, which is all you need. In most cases, you won't have an amount for Box 2a.

The transfer of carryovers from last year was unsuccessful for some TurboTax users. If you have a PDF of your prior year return, look for the Schedule E worksheet for this K-1. The carryovers are shown under Section A of that worksheet. You should be able to confirm the amount from Form 8582 is the same as what is shown on the K-1 worksheet.

See also: How do I get a PDF of my return?

[hno4]

1) Thanks for the reply!

2) Should it be Column E Part V for total cumulative loss? Here's snippet of my last year return Part V Form 8582, I think should be -2414 and -10 for each activity corresponding to this year return. Correct me if wrong.

If you are talking about Schedule E, I checked my last year return, I didn't have worksheet but only the form as I used the online eversion, I didn't find the Section A, but in Part II Passive Income and Loss, column g/h are all 0, I guess because i had no gains but only loss, so it will not show the cumulative loss here. Thanks

[RobertB4444]

No, the carryover is the amount in column C.  That is the amount that was unallowed last year.  In your example that is $221.

@hno4 

[hno4]

@RobertB4444 Hmm, above screenshot is 2023 tax return so the prior year loss carryover in column c is for 2022 and before, so when I work on 2024 tax return, that should be column e to cumulate both 2022 and 2023 passive loss? please elaborate if I am not correct, thanks

[PatriciaV]

Use only Column (c) because it represents the Unallowed Loss from last year. The current loss may have been allowed and not carried over to this year.

[hno4]

@PatriciaV @RobertB4444 

Hmm, I still don't think this makes sense, because again Part V column c (Prior year) refers to 2022 and prior, but here we need to enter the loss carryover from 2023 and prior, so we need to include "current year" losses on 2023 tax returns. 

I'm not sure if you mean the Part VII or Part VIII where calculate unallowed loss for 2023 and prior, here the column c makes sense to me, also Part I box d is -2424. But I may be wrong in 2023 tax filing:

[RobertB4444]

In that example the amount in column c is still the amount that you will be able to carry forward.  Whatever amount is in your 2023 column C is the unallowed amount that you can carry forward to 2024.

@hno4