I prepare 1120s and then import to 1040. The 1120s/k-1 has a basis limitation for the loss. Can the limitation be entered manually at the 1120s level prior to import or must I manually adjust once imported to the 1040? Proseries.
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The basis limitation applies to the shareholder, not the corporation. So it needs to done on the shareholder's return.
The basis limitation applies to the shareholder, not the corporation. So it needs to done on the shareholder's return.
I have done this in previous years by manually adjusting income on the k-1 after import. Basis is tracked on the 1120s side and there is only one shareholder. So I wasn’t sure if I was missing something before import.
Thanks for you help!
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