entering prior year disallowed losses

Forum|Forum|5 years ago
November 22, 2020
1 reply
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I am trying to learn about the ProConnect software so I am recreating some returns. My question is where do I enter prior year disallowed losses due to basis? When I got to a place that seems like the correct place, it deducts the entire amount. I am wanting to enter the prior year disallowed losses then for the current year enter a small profit which should work out to zero for 2019.

ProConnect Tax

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Best answer by itonewbie

Goto the input screen of the activity for which there is a carryover (e.g. Income > Passthrought K-1's > S-Corp Info (1120S K-1), followed by the tab of the respective entity);
Click on the Basis Information tab (on the top of the input screen);
Scroll down to the Basis Carryovers section; and
Enter carryover amount(s) on the relevant line(s).

itonewbieAnswer

Level 15

Goto the input screen of the activity for which there is a carryover (e.g. Income > Passthrought K-1's > S-Corp Info (1120S K-1), followed by the tab of the respective entity);
Click on the Basis Information tab (on the top of the input screen);
Scroll down to the Basis Carryovers section; and
Enter carryover amount(s) on the relevant line(s).

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