Where to find K-1 carryover losses from prior year?

[taxfiler458]

I have unallowed losses in Part VII and VIII or Form 8582 (Passive Activity Loss Limitations) from prior year.  Do I take amounts from this form to use for carryover losses?

Thanks.

[PatriciaV]

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."

[taxfiler458]

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.

[PatriciaV]

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.

[taxfiler458]

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.

[PatriciaV]

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.