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Suesabell
Level 3
June 20, 2022
Question

If client has zero basis (non passive) in his S Corp I have completed the 7203 and the other form showing the basis as zero but program puts it on 1040?

  • June 20, 2022
  • 2 replies
  • 23 views
I have completed all forms but the program still gives him the loss on the 1040, what am I missing?
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2 replies

TaxGuyBill
June 20, 2022

ProSeries does not limit due to Basis.  You need to manually do that by only entering the allowable amount (if any) on the K-1 worksheet.

You will also need to manually keep track of unused losses for future years.  When allowed, you will need to enter those unused losses by entering a separate K-1 and name business of that K-1 "PYA".  You may also need to check a box about using that on page 2 of Schedule E.

    SuesabellAuthor
    Level 3
    June 22, 2022

    Thank you, I have no idea how I would ever know this without your help.

     

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