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Level 3
April 19, 2021
Solved

How to report partner loss in prior year disallowed due to basis - Carryover now allowed

  • April 19, 2021
  • 1 reply
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I have a carryforward of a loss previously disallowed because of negative basis (not because of at-risk limitations).  Partner's basis is now positive so the carryforward loss is allowed in 2020.  Schedule E instructions indicate to check the box on line 27 of page 2 and to enter PYA in column (a) of Line 28 for the partnership.  ProSeries allows me to check the box on line 27. but to enter the amount of the loss carryforward with the proper "PYA" designation, I cannot see a place on either Schedule E or on the parthership K1 worksheet to enter this info without typing an override.   Where do I go to enter this information?

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Best answer by dkh

On the 1065 K1 entry within 1040 program  scroll down to Section A .   I think Column B is what you are looking for

1 reply

dkh
dkhAnswer
Level 15
April 19, 2021

On the 1065 K1 entry within 1040 program  scroll down to Section A .   I think Column B is what you are looking for

cpasueAuthor
Level 3
April 19, 2021

Thank you! That worked to get it properly entered on Schedule E.  I had previously looked at that section, but thought that it only dealt with passive activities.  

dkh
Level 15
April 19, 2021

You're welcome.