In the Schedule K-1 step-by-step, Passive Loss Carryovers asks me to enter my passive loss carryovers from 2019 — regular tax and alternative minimum tax. How do I know if I have these? Where would I even look for them? I am merely entering numbers into TurboTax from my Trust Beneficiary Schedule K-1.
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You should contact trustee, but you would typically be aware if you had PAL carryovers from the trust in prior tax years.
I am the trustee and beneficiary. I ended up having to contact the CPA who did my trust tax return. Only he could tell, even though I had the trust tax returns from previous years and all of the data provided to the CPA. It would seem as though TurboTax could provide some clue as to where to find these numbers. If you have any type of Schedule K-1 complexities at all, it might be best to have a CPA do your personal return.
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