Question

How to delete section 465D carryover?

Forum|Forum|5 years ago
March 7, 2021
3 replies
0 views

The carryover for my rental was duplicated in both passive limitation carryover and at risk carryover. I am 100% sure the at risk carryover is wrong and I do not have it. But I am not able to delete in "other expenses" section. Every time I delete it, it appears again. How to delete it?

TurboTax Premier Online

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PattiF

This method has worked for others:

Go to Forms in upper right icon or View Forms pulldown.

Look for Schedule E WKS (Property Name).
Scroll down within the Form to Carryovers to 2020 Smart Worksheet.
Then change Line B, Schedule E, Suspended Loss to the proper amount or blank it out.

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F

fat-guyAuthor

Thanks. I am using premier on line version. There is no "Forms in upper right icon or View Forms pulldown. " I tried tools section on left, it only give me option to delete a form. But I am not able to see the entries of the forms other than the form name.

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PattiF

The instructions for Forms is for the Desktop version of TurboTax.

In TurboTax online, there is a method to zero out the incorrect entry.

If you are certain you didn't have a Section 465 (d) carryover from prior years, you can clear this up by adding a negative "Miscellaneous" expense.

Go to the Rental Expenses section and click the box next to Other miscellaneous expenses.
On the next screen, Other miscellaneous expenses, enter the carryover figure as a negative number and enter the description as Section 465 (d) carryover offset.

Another choice is to switch from the Online version to the Desktop version for access to forms and worksheets.

Here are instructions on how to switch.

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Z

zethina

In TTO, go to Self Employment

Select Edit

Scroll down to At Risk loss carryovers

Next page will show the checkbox for at risk carryover for qbi

click continue

on the next page remove the sec 465(d) carryover

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nshdoodah

I have this same problem with 2023 Desktop. You can't enter a negative number and I don't see carryforward in the worksheet to delete this amount.

CatinaT1

Many things have been corrected in the latest updates to TurboTax. Are you still experiencing this problem?

Make sure you have ran all updates.

If using TurboTax Online: Clear your cache and cookies. See this FAQ, for your particular browser.

If using TurboTax Desktop: Please see this FAQ.

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nshdoodah

I ran numerous updates and again after hiring and paying an expert to review my return; It didn't make a change in my refund so I hope it's right. I don't like the fact I can't see where and how calculations are generated anymore or the IRS code section that applies to the calculation.