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Level 1
September 12, 2021
Question

where do I put loss and expense items line 15 carryforward of prior losses from 1020S K1 onto form 1040

  • September 12, 2021
  • 2 replies
  • 6 views
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2 replies

IRonMaN
Level 15
September 12, 2021

A Sub S doesn't have loss carryovers.  An individual may have loss carryovers generated from an 1120S, but a Sub S never does.

Slava Ukraini!
abctax55
Level 15
September 12, 2021

Or maybe there are "losses limited due to basis restrictions" carried over on the individual return, but Jeff is (again, still) correct.   

The 1120-S doesn't have loss carryovers.

HumanKind... Be Both