Final k-1 2019, in 2020 still wants me to declare k-1 in order to roll forward carry forward 4797 losses

Forum|Forum|5 years ago
May 4, 2021
2 replies
32 views

So, I am preparing a 2020 tax return, that has carry forward amounts to losses from 4797. It seems that it's linked to s Corp k-1, which there should not be any k-1 because s corp was closed out in 2019. However, if I delete the k-1 because we do not have actual k-1 then the loss carry forward that is unused disappears. I have tried to work with proseries agent to find a way to re enter it without having a k-1 but no avail.

Is it ok to just keep the k-1 there just for the rollover purposes even though there is no actual k-1? I think not, but how else to show carry forward amounts?

Thanks for any help.

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

You must have forgotten to mark the 2019 K-1 as Final and pick up those losses last year?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

D

dbtaxsolutionsAuthor

Level 6

It was marked final in 2019.

sjrcpa

Level 15

If those losses could not be used in 2019, they are lost. No reason to have them rollover to 2020.

If they are unrecaptured 1231 losses, they should remain to offset any future 1231 gains. There should be a separate place you can enter them in the software, unrelated to a K-1.

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

D

dbtaxsolutionsAuthor

Level 6

The proseries and I revisited 2019 and it was definitely marked final.

We also tried to look where to enter the carry forward outside of k-1, was not successful after 45 min.;

I understand it cannot be applied to 2020 at this year's tax return, but it should remain as carry forward to next year and not completely disappear if i delete the k-1 that should not be there. I feel like this is a glitch?

sjrcpa

Level 15

Are they unrecaptured 1231 losses?

Or something else?

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

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