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A
apexaccounting
Level 2
September 11, 2020
Question

Shareholder Basis

  • September 11, 2020
  • 3 replies
  • 24 views

I have a S-corp client that has a carryover loss from the tax  years 2014 - 2017, the previous preparer failed to recognize the initial capital and additional loans to the business in earlier years. If I want to add basis to the 2018 tax year in ProSeries, where do I enter the information?

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3 replies

dkh
dkh
Level 15
September 11, 2020

Form 1120S  Stock and Loan Basis Info Worksheet   

Form 1040 K1 entry Part II  Quickzoom to Form 6198

 

    A
    apexaccountingAuthor
    Level 2
    September 11, 2020

    in the 1120S Basis Info worksheet, do I enter the loan balance as a negative number? Also, the original loan was made in a prior year, do I enter the beginning balance as $0?

    Accountant-Man
    Accountant-Man
    Level 13
    September 11, 2020

    Enter as positive since Loan is assumed as Loan Payable to shareholder. Loan Receivable isn't basis.

    If there should have been a loan in prior years, then it should be in Beginning Balance, correcting the opening balance.

     

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