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?

Forum|Forum|5 years ago
March 7, 2021
11 replies
31 views

At risk worksheets don't allow fields to be populated Form 6198 calculates correct allowable loss but k-1 -line 1 ordinary loss still has total loss (same as

ProSeries Professional

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Best answer by richard64

have you check the box in Part II of K1 ---Some Investment Not at Risk?

Bingo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! - I had all investment at risk checked.

It worked

You're the best

dkh

Level 15

The K1 will show the total loss. Each shareholder needs the basis worksheet to limit the loss on their personal tax return thru Form 6198 which will flow to Sched E page 2

R

richard64Author

Level 3

Thanks again for your help. 6198 calculated the correct allowable loss but Schedule E page 2 still shows the full loss as reported on K-1 part III on line 1. Very frustrating to see how pro series left us hanging. Their customer help associates are stymied as to figuring this out. Meanwhile it's up to pros like you to figure it out. Any additional help will be appreciated.

dkh

Level 15

have you check the box in Part II of K1 ---Some Investment Not at Risk?

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