Asia
Level 2
03-08-2023
11:42 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
When you say enter a second K1, are you talking about doing that on the 1120S return which would produce a K1 titled PYA or a mythical K1 that doesn't actually exist that you enter on the 1040? The instructions you provided are for the 1040 but I'm working on an 1120S... Just want to clarify.
Thank you!
Losses Not Allowed in Prior Years Due to the Basis or At-Risk Rules
Enter your total prior year unallowed losses that are now deductible on a separate line in column (i) of line 28. Do not combine these losses with, or net them against, any current year amounts from the partnership or S corporation.
Enter “PYA” in column (a) of the same line.
