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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- How do you adjust unallowed passive loss carryovers to 2019 on 2019 individual tax returns for the states of New Jersey and New York?
How do you adjust unallowed passive loss carryovers to 2019 on 2019 individual tax returns for the states of New Jersey and New York?
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larry6
Level 2
09-21-2020
06:42 PM
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1 Comment 1
itonewbie
Level 15
09-21-2020
08:34 PM
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PAL is not relevant for NJ GIT purposes. For other states where it's relevant, including NY, you'd make the entries on the Passive Carryovers tab (under the relevant activity e.g. Sch E or K-1) by selecting the state from the dropdown next to the amount.
[Edit: Pardon me for speaking a foreign language (PTO) in a Lacerte question. Lacerte-speak, the input is in the Prior Year Unallowed Passive Losses section.]
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