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dawn-fsataxaccou
Level 4
August 31, 2021
Question

1120S

  • August 31, 2021
  • 2 replies
  • 13 views

Do you know which box to check to answer a question for 1120S tax return, that the client is active and materially participating in his business

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2 replies

PATAX
PATAX
Level 12
August 31, 2021

Maybe on the K1 worksheet....

T
Terry53029Intuit Community Champion
Intuit Community Champion
August 31, 2021

On the shareholders K1 on their 1040

    BobKamman
    BobKamman
    Level 15
    August 31, 2021

    Terry is right, I just had to do that on a shareholder 1040 K-1 entry in order for the loss to show up.  I think the idea is, how would the preparer know which shareholders in which years are actively participating?  Not a problem in most cases, when both the corporation and the shareholder are clients, but responsibility for the determination should be at the shareholder level.  

      sjrcpa
      sjrcpa
      Level 15
      September 1, 2021

      But for partnerships/LLCs preparers are expected to know. Go figure.

      The more I know the more I don’t know.
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