Using TurboTax for CAPTIAL LOSS CARRYOVERS and PASSIVE INC EXCESS LIMIT CARRYOVERS

[davidmloch]

I used TurboTax Premier? to file my 2017 tax return including ETF and mutual fund sales. From 2018 through 2021 I filed my tax return using an external CPA. The CPA shows in my 2021 tax return CAPITAL LOSS CARRYOVERS from Schedule D and Schedule AMT, and PASSIVE INC EXCESS LIMIT FROM 2021 CARRYOVERS from Form 1116 and Form 1116 AMT. Now in 2022 I want to file my tax return once again using TurboTax Premier or Self-Employed. In 2022, what TurboTax forms must I update to use the CAPITAL LOSS CARRYOVERS and PASSIVE INC EXCESS LIMIT FROM 2021 CARRYOVERS?

[tagteam · Accepted solution]

Since you have not prepared your own return(s) for several years, you might want to consider the Live option for 2022, particularly since you are apparently going to use one of the online versions of TurboTax.

See https://turbotax.intuit.com/lp/ppc/1271?srqs=null&cid=ppc_gg_b_stan_all_control_turbotax-live_ty21-b...

[Critter-3]

As you complete the TT interview you will find a place to enter all the carryover information in the proper places.

Cap losses in the Investment area of the Income tab  and the passive losses (probably from a rental or K-1) in those sections.  Go slow and read all the screens carefully ... post back if you need further instructions.

[davidmloch]

I was planning not to use TurboTax online but TurboTax download to my computer.  Is there a way to still use the Live option for 2022?

[tagteam]

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@davidmloch wrote:

I was planning not to use TurboTax online but TurboTax download to my computer.  Is there a way to still use the Live option for 2022?

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No. The Live option is not available with desktop (download) versions of TurboTax.