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T
Thx in advance
Level 2
January 28, 2021

Where to record S corp basis limitation on 1040

  • January 28, 2021
  • 1 reply
  • 20 views

I have a client with a S corp loss, but no basis.  When I enter the K-1 with the loss in the 1040, it populates the loss on Schedule E.  How do I show that there is no basis and get Schedule E to show zero.  Where does the carryover loss show in Proseries?

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      1 reply

      T
      TaxGuyBill
      Level 15
      January 28, 2021

      You are supposed to only enter the amount allowed (in your case, $0) and manually carry over any amount to use in future years.  ProSeries is deficient it this regards, and does not  have a proper mechanism to limit losses due to Basis (or to carry over that unused amount).

        C
        ClintCPA
        Level 5
        March 9, 2021

        TaxGuyBill: If you manually enter only the allowed loss on line 1, should modifications be made to the QBI amounts in Proseries? or any other lines on the K-1 worksheet?  Or is it recommended to only modify line 1 of the K-1 to limit the loss due to basis?

         

        T
        TaxGuyBill
        Level 15
        March 9, 2021

        I don't think anything else needs to be changed.

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