Unfortunately, Proseries is severely deficient in this regard.  There is no place to enter the Basis to have the program limit the losses.  You need to limit the losses manually. 

When entering the K-1, only enter the allowable amount of the loss (if any).  For the carryover, make note to yourself so you can manually enter the carryover next year (enter the allowed carryover amount as a separate K-1, called "PYA").

Do you need a note or just follow the tracking on the 7203?

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@IRonMaN wrote:

Do you need a note or just follow the tracking on the 7203?

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I would need a note the 7203 is new enough that I would forget to look at the 7203.  😰

Or I suppose I could write a note that I should look at the 7203.  🤣