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@CHASSOCIATES wrote:

on the shareholder’s basis worksheet Page 2 there is a Total allowed loss of $90,365.

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A Basis worksheet does not dictate claiming a loss.

You need to find out where that $90,365 came from and what it means.  It *MIGHT* mean there was a prior loss that was not allowed on the 1040 due to Basis limitations.  But that is ONLY a guess. 

Once you find out the details about what the $90,365 means, we may be able to help you figure out how to enter it (if it is entered at all).

Thank you for your prompt response, you are absolutely right. This is the K1 information

 Part II Loans from shareholder Beginning of the year  $3473

end of the year $3473

Ln 1 ordinary business income $62,500,

 Ln 4 interest income $1,735

Ln 12 A Other deduction cash contribution $49

Ln 16 B Other tax-exempt income $525,329

Ln16 C Other tax-exempt income 2,375.

Ln16D Distribution $331,196.

Ln 17 A Investment income $1,735

Ln17V Section 199A information $62,500

total Loss and deductions applied against stock basis $90,365.

the loss was carryforward from 2019 was $87,941

Suspended Losses $86,811 (2019)

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@CHASSOCIATES wrote:

total Loss and deductions applied against stock basis $90,365.

the loss was carryforward from 2019 was $87,941

Suspended Losses $86,811 (2019)

 

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Have you figured out what the three different numbers mean?

I don't quite remember if there is a place in ProSeries to enter it or not.  I have stuck in my mind that you need to enter an entire new K-1 worksheet, but only enter the allowable carryover loss, and rather than the name of the corporation you call it "PYA" (use the actual EIN though).

2020

nondeductible non-cap expense $2,375 

ordinary business loss  $86,811 

 cash contribution                       $1,179    

Total Allowed Loss                     $90,365

current year loss     

Nondeductible expenses   $2,375

Cash Contribution                  $49

2019

Ordinary business loss    $ 86,811

Cash contribution              $1,130 

total loss to Carryforward $87,941

correction Disallowed loss 2019 $114,398 

Loss to carryfoward            2019 $87,941

Is this other topic of yours the same issue, but asked more as a hypothetical exercise:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/shareholder-reportable-...

my question was revised.

Thanks again for your response. 

I know what it figures means :

Suspended from 2019  $87,941

loss 2020                          2,424

loss for 2020                   90,365

P.S this is a new client, loss carryover was not brought forward. 

If I create a new K1 PYA, loss for 2020 of (90365) will be on line 1? or I can put in suspended loss carryforward from the prior year?