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My client who is the sole owner of an S corporation received a Schedule K-1 for 2019 that shows an ordinary loss in Box 1.
On Box 17 a code V is entered and an attached statement shows that loss. In addition it shows an amount for W-2 Wages and an amount for Unadjusted Basis Immediately After Acquisition.
When I enter these into my ProSeries Basic program, there is no change to the results.
I assume the reason is due to the fact that my client had a loss for the year and therefore there is no Qualified Business Income (QBI) deduction.
Was it necessary to include this statement as part of the Schedule K--1?
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Yes. QBI losses carryforward to offset future qbi for 199A deduction purposes.
The more I know the more I don’t know.
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Thanks.
Client reported business income on 2018 Schedule K-1. Is there any requirement to carry 2019's loss back?
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No. QBI does not get carried back
If you're asking about an NOL-a loss on a K-1 does not mean there is an NOL.
The more I know the more I don’t know.
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This is a related question regarding the same S Corporation.
In addition to Schedule K--1, client received a 2019 Schedule SK-1 which reports Massachusetts Information.
The loss on Line 1 is slightly less than that reported in Box 1 of the Schedule K-1.
How do I record that in ProSeries Basic?
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IDK. I use Lacerte.
The more I know the more I don’t know.
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Is anyone familiar with how to enter the information on the Massachusetts SK-1 into the 2019 ProSeries Basic program?
