Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Basis Limitations S Corp

Beno58
Level 3

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.

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
sjrcpa
Level 15

The basis limitation applies to the shareholder, not the corporation. So it needs to done on the shareholder's return.

The more I know, the more I don't know.

View solution in original post

2 Comments 2
sjrcpa
Level 15

The basis limitation applies to the shareholder, not the corporation. So it needs to done on the shareholder's return.

The more I know, the more I don't know.
Beno58
Level 3

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!

0 Cheers