Carry Forward Partnership losses from Prior year where to enter

[Michael321]

Where do you enter Partnership prior losses to get them to populate on Form 8582 in parts V and VIII in column C?

[mcb39]

Partnership losses are carried forward on the Individual Partner's 1040 return on Page 2 of the Schedule E.  You always have to keep in mind that Partnerships do not pay taxes; profits or losses are passed through to the individual partners.  My husband has carry forward Partnership losses for the second year in a row. His loss wipes out my tax liability but, unfortunately, does not wipe out my SE Tax.

[Randall]

Doesn't the K-1 input sheet have a place for this?  That is, prior year info if this is your first year for the client.  If this client is a continuing client, doesn't that info rollover?

 

[Abby Normal]

If the losses are handled by the 8582, then these are regular partnerships and not PTP partnerships. But in either case, if this is a new client, you enter the losses on the K1 input screens.

[mcb39]

19 minutes ago, Abby Normal said:

If the losses are handled by the 8582, then these are regular partnerships and not PTP partnerships. But in either case, if this is a new client, you enter the losses on the K1 input screens.

Correct, but for a continuing client, the losses roll over on the Personal tax return.