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Non passive S Corporation was terminated in 2022. The prior preparer had (incorrectly in my opinion) treated any losses as passive and we are still showing Form 8582 with the losses from prior years on the Form 1040. How do I get the 8582 to release these losses? The S Corp K-1 is marked as final and it is shown as having been dissolved.
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It's nice to see you!
I would first back up a bit ... if it never was passive, then there are no passive carryovers. But the prior returns can be amended.
If you feel the passive carryovers are valid, (1) have you entered the carryover in column b of "Section A" on the K-1" and (2) right above Box 1 of the K-1, there are two "Quickzoom" buttons. Hit the top one for the disposition and then on that worksheet be sure to check box 1a for the "fully taxable transaction".
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Even nicer to see you, Bill, since you had the solution!! Box 1a worked and Box 1b did not work. As always, you are a treasure.
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If Bill is a treasure, please don't go burying him for someone else to find -------- unless you make out a really easy treasure map, I'm afraid he might suffocate while waiting to be found.
Slava Ukraini!
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Speaking of treasures, Jeff, I was waiting for you to reply in your inimitable style.
