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R
richard64
Level 3
March 5, 2021
Question

Sub s program calculates allowable loss (basis worksheets) when current year operating loss exceeds basis. However, k-1 for each shareholder still shows total loss for the year. What to do?

  • March 5, 2021
  • 4 replies
  • 16 views

Can't get the allowable loss to show up on k-1

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4 replies

dkh
dkh
Level 15
March 5, 2021

The basis limits are done on the individual returns.  The Basis Statement is to assist with that.

    R
    richard64Author
    Level 3
    March 5, 2021

    Thanks - so the ordinary loss on the K-1's on the S-corp return won't match the k-1's on the 1040 return - is that okay.

    dkh
    dkh
    Level 15
    March 5, 2021

    You'll enter the K1 information as reported then Quickzoom to Form6198 to enter basis limits   

     

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