You must have indicated, by one or more entries in the TurboTax program, that you have one or more passive activity credits.
Form 8582-CR is used to figure the amount of any passive activity credit for the tax year, including any prior year unallowed credits, and the amount of credit allowed for the current year.
Please see the IRS's Instructions for Form 8582-CR for more information.
To the best of my knowledge, I have no had any passive income for a number of years. Why would I need a form 8582-cr now?
You may have a carryover loss on a passive activity from a previous year. You can look for form 8582 on your 2020 tax return and see if you have an entry on line 3 of Part 1, which would indicate that you may have passive loss carryovers.
Turbo can;t file my return because hey are waiting for the approval of the form from IRS
no carryover on form 2020 line 3 can you over ride it now
According to Turbo Tax, this form will be available 03/03. Wait until that time and once the form is available, it may recognize the fact that you won't need it. Let us know if this clears up by 03/05.
[ Edited 03/01/22|04:55 PM PST]
Hi,
I am doing a new return for a family member and am entering prior year unallowed passive activity losses. I need to create and enter 8582 cr to report the carry forward from prior year but cannot find it anywhere in TT nor can I click a box to get it activated. Any ideas?