1120-S K-1 on Personal Return
I have a client that has a K-1 from an LLC that they switched to an S-Corp for 2023. They are the only Shareholder. They were paid a salary and have a W-2 and they have a K-1 with a loss.
Confirming that I need to enter on their personal return the W-2 and the K-1 loss? Proconnect is asking for their "Adjusted Basis at the beginning of the year"? I asked the client to reach out to their accountant who prepared their K-1. Hoping the accountant can assist with that amount.
I have two questions:
1) Are the W-2 and K-1 loss the only items that need to be entered. I am more familiar with Schedule C and entering all income and expenses directly on it.
2) For the "Adjusted Basis at the beginning of the year" is it possible it can be zero since this is first year as S-Corp?
