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Beno58
Level 3
April 15, 2020
Solved

Basis Limitations S Corp

  • April 15, 2020
  • 2 replies
  • 38 views

I prepare 1120s and then import to 1040.  The 1120s/k-1 has a basis limitation for the loss.  Can the limitation be entered manually at the 1120s level prior to import or must I manually adjust once imported to the 1040?  Proseries.

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Best answer by sjrcpa

The basis limitation applies to the shareholder, not the corporation. So it needs to done on the shareholder's return.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
April 15, 2020

The basis limitation applies to the shareholder, not the corporation. So it needs to done on the shareholder's return.

The more I know the more I don’t know.
    Beno58Author
    Level 3
    April 17, 2020

    I have done this in previous years by manually adjusting income on the k-1 after import.  Basis is tracked on the 1120s  side and there is only one shareholder.  So I wasn’t sure if I was missing something before import.

    Thanks for you help!

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