judys3
Level 7

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

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.

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judys3
Level 7

Thank you!  That's right!  I completely forgot about that.  The one down fall to this program!

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