tasspd
Level 1
12-07-2019
09:37 AM
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Shareholder has suspended loss carryforwards and no basis. This year they have ordinary income and received a distribution which would have been capital gain if loss, but under rules now a non-dividend distribution therefore the ordinary income should be the distribution amount and suspended loss limited to income over distribution
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sjrcpa
Level 15
12-07-2019
09:37 AM
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You have to manually input only the amount of loss that is allowed and keep your own schedule of the caryover amount.
The more I know the more I don’t know.
tasspd
Level 1
12-07-2019
09:37 AM
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How do I override the suspended loss carryover in ProSeries. The numbers seem to be behind the scenes in the program as they don't carry forward to the K-1 input screen or the 6198
sjrcpa
Level 15
12-07-2019
09:37 AM
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I don't know. I use Lacerte which does apply the basis limits and tracks the carryovers.
The more I know the more I don’t know.
The more I know the more I don’t know.
TaxGuyBill
Level 15
12-07-2019
09:37 AM
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Suspension of losses due to Basis are not supposed to be on a 6198 anyways, so there shouldn't be any carryovers in the program. You may need to just delete the 6198.
