k-1

6 replies
43 views

I have a K-1 that is showing a profit this year but is saying I can take the loss from 2022

this year if so where do I show it thanks

ProSeries Professional

This topic has been closed for replies.

dascpaAnswer

Level 11

This is just a note from the preparer that if you have a passive loss carryover from 2022, or you have a basis limitation issue from 2022, or for a myriad of other reasons, you might be able to claim prior unused losses. You as the tax preparer have to make the determination of what is proper for your client who is the recipient of the K-1. And remember, what your client has does not mean it's exactly the same for other K-1 recipients.

Jim-from-Ohio

Intuit Community Champion

If you prepared the 1040 from 2022 the software should carryforward that loss to offset 2023 profit. If you did not prepare 2022, the suspended loss gets entered on the 2023 K-1 in Section A of the K-1 Worksheet (in the 1040 program, not the S Corp module)

dascpaAnswer

Level 11

This is just a note from the preparer that if you have a passive loss carryover from 2022, or you have a basis limitation issue from 2022, or for a myriad of other reasons, you might be able to claim prior unused losses. You as the tax preparer have to make the determination of what is proper for your client who is the recipient of the K-1. And remember, what your client has does not mean it's exactly the same for other K-1 recipients.

IRonMaN

Level 15

I'm just here waiting for the drum solo.

Slava Ukraini!

dascpa

Level 11

Unfortunately no drum solo for a while. Going in for elbow surgery as too much drumming, racquetball and duckpin bowling. Trying to figure out how I'm going to do everything with my non-dominant hand.

T

TaxGuyBill

Why was the loss not allowed in 2022?

Basis limit?
Passive loss?
At-risk limit?
Capital loss?
Excess business loss?
Something else?

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