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N
Nat Hussey
Level 4
October 13, 2023
Question

1040-X K-1 losses suspended

  • October 13, 2023
  • 2 replies
  • 22 views

I'm entering a late K-1 and Box 1 losses are being suspended while box 5, 6a, 8 and 9a figures for interest, dividends and s/l capital gains are resulting in increased income. This seems off. Thank you!

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2 replies

Jim-from-Ohio
Jim-from-OhioIntuit Community Champion
Intuit Community Champion
October 13, 2023

Interest income, dividend income, and capital gains are not impacted by a suspensed loss from Box 1.  sounds like the program is handling it correctly. 

 

    N
    Nat HusseyAuthor
    Level 4
    October 13, 2023

    Thank you Jim from Ohio. My expectation was that since the client has a substantial positive capital account, the loss would offset income items. (?)

    Jim-from-Ohio
    Jim-from-OhioIntuit Community Champion
    Intuit Community Champion
    October 13, 2023

    why do you think the loss from Box 1 is suspended?

    dkh
    dkh
    Level 15
    October 13, 2023

    If applicable - Have you checked the Materially participated in business activities box for Line 1  ?    

    Also guessing you have Basis Statement that would allow the loss to be deducted.....

      N
      Nat HusseyAuthor
      Level 4
      October 13, 2023

      Client has a substantial positive capital account balance per K-1.

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