K-1 Basis Loss Limitation

[adionne]

I'm having issues with Tax Advisor accurately reflecting 2023 S Corporation Income if there is a basis loss carryover being reported from 2022 to 2023 in my tax software, Lacerte.

When I input K-1 net profit for 2023 baseline, it does not reduce this net profit by the carryover losses. As an example, my client has carryover losses of $88,000. If I input the S Corporation Income as $80,000, the S Corp income total is $80,000 (see screenshot below).

On a related note, there is no place on the Pre-strategy baseline screen to confirm and/or adjust an owner's basis & applicable carryovers for a pass-through entity. Can this be added for these types of entities?

[Intuit_Ruben]

Thank you for your feedback. We have implemented basis tracking in the PSB for S Corps and Partnerships. You can now update basis, and the Strategy page provides an analysis worksheet. We will close this as implemented. https://accountants.intuit.com/community/intuit-tax-advisor/discussion/released-s-corporation-basis-...