basis limitations s corp

[Ron42661]

Have an individual who has a K-1 with a loss but due to basis limitations cannot take the loss - where/how is that entered on the 1040?

[TaxGuyBill · Accepted solution]

Nowhere on the current return.

You only enter the allowed amounts from the K-1, then manually carry over the unallowed amounts to future years when Basis is restored.

[Ron42661]

Thank you - was hoping the program tracked it. I appreciate the response