Support CenterHow do I enter carryover ordinary losses from a 1065 K1 in a Form 1040 when using SureFire when there is no prior year return.
🔍 How do I enter carryover ordinary losses from a 1065 K1 in a Form 1040 when using SureFire when there is no prior year return?
This guide explains how to enter carryover ordinary losses from a 1065 K1 on your Form 1040 in SureFire when you do not have a prior year return to carry forward.
⚠️ Before You Begin
Before you start, keep in mind:
- If you carried forward the return from the prior year, the loss would be reported on Form 8582.
- Since you do not have a prior year return, you will need to enter manually.
- Override may be required on most of the fields.
📊 Step-by-Step Guide
Step 1: Enter the loss amount on Form 8582 (Page 1)
Use this when you need to enter the carryover ordinary loss amount.
On Page 1 of 8582, line 2c, enter the amount as a negative number.
Step 2: Enter the activity name and amount on Form 8582 (Page 2)
Use this when you need to match the activity to the correct K1 type and enter the amount.
On Page 2 of 8582, Part V:
- Activity name is 1065/1120S/1041 K1S - enter the amount in column C.
- You can use the 3rd line.
Step 3: Complete the AMT section if the amount does not flow over
Use this when the amount is required but does not automatically carry into the AMT section.
Complete the 8582 AMT if the amount are required but not flow over. If needed, follow the same steps as noted above.
✅ Success!
You have manually entered the carryover ordinary losses from the 1065 K1 into Form 8582 for your Form 1040, including the correct negative amount and the appropriate activity entry.
📞 Still Need Help?
If you are having trouble, contact our support team:
Phone: 1-800-516-9442
Tags: federal,form