Yes, enter the amount on Form 8582 page 2 Part VII column (c) "Unallowed Loss" from your prior year tax return.
You can also find the specific carryover on the K-1 Partner worksheet, Section A, Line 9, column (d) "Loss Suspended for Current Year."
Thank you for your reply. I looked through my tax return from last year and don't see a Loss Suspended for Current Year anywhere. Perhaps, there wasn't a loss that is being carried forward.
Is there a specific form on my last year's tax return where I should be looking and if such a form doesn't exist, does that mean there is no carry forward loss?
Thanks.
The form mentioned previously is called "Partner's Share of Income, Credits, and Deductions."
If you don't have page 2 of that form, use the amount on Form 8582 Part VII column (c) for that particular investment.
Found it in Form 8582, Part VII, column (c).
Two questions:
Where do I enter this in TurboTax Home & Business desktop app?
If I missed this deduction last year from the previous year, can I deduct it this year?
Thanks.
Enter this from the Schedule K-1 interview. Look for the page "Describe the Partnership" and check the box for "I have passive activity losses carried over from last year." The next few pages will ask you to enter your carryovers by type and by year.
If you didn't use your carryovers last year but you had income that would have been offset by the losses, you would need to amend your prior year return to take advantage of the carryover losses. This would change the carryovers for the current year as well. You can't "catch up" for the missed carryover from last year.
My accountant who filed my taxes last year is ghosting me and doesn't seem willing to amend the tax return. Can I use TurboTax accountants to help with filing the amendment if they didn't originally prepare the tax return?
2023 can be done online but not e-filed since the original was not done in Turbotax. 2022 and prior can only be done with desktop versions and cannot be e-filed.
since the original return was not done in Turbotax you would have to recreate it line by line schedule by schedule. form by form so it exactly matches what was filed. you save the return and then reopen the app. there should be a blue link to amend to click on to start the amending process.
If it was the preparer that messed up in doing the original, they should do the amendment for free. if they refuse, you could report them to the BBB and if a CPA your state CPA society. you may also be able to file a complaint with the iRS.
While TurboTax Full Service can be used to prepare amended returns, it would only be available for current year tax returns that can be prepared using TurboTax Online as mentioned by Mike9241 above.
Please see this link for further information.
My 2022 returns have now been amended with carryover. A portion of the carryover is spilling over into 2023 tax year.
I have already filed my 2023 returns. Besides adding the missing carryover, is there anything else I need to do in order to amend my 2023 returns? Does the updated 2022 return change anything in my 2023 return?
Thanks.