judys3
Level 7
09-13-2024
09:55 AM
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If the 1120S form 7203 shows a loss is disallowed why is the loss showing to be allowed on the 1040? Did I miss entering something?
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TaxGuyBill
Level 15
09-13-2024
11:09 AM
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ProSeries does not do it automatically. You need to do it manually.
When entering the K-1, you only enter the allowable amount of the loss (if any). Then you manually keep track of the unallowed amount and manually carry it to next year.
judys3
Level 7
09-13-2024
11:10 AM
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Thank you! That's right! I completely forgot about that. The one down fall to this program!
