TaxGuyBill
Level 15
09-25-2021
03:46 PM
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Form 6198 is for At-Risk limitations, not Basis limitations (which comes before At-Risk).
When the disallowed losses get more complicated due to other lines on the K-1 being limited, temporarily using the 6198 to check/verify your manual calculations for the limits may be helpful. But after using the 6198 as a temporary worksheet, be sure to delete it because it should not be filed with the tax return.
ProSeries does not have a Basis worksheet, which is REQUIRED to be part of the tax return when claiming losses or distributions, so be sure that you manually attach a PDF of a Basis worksheet to the tax return.