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Disallowed Loss
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Bessy
Level 2
03-22-2022
05:57 PM
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Hello,
I have a prior year disallowed loss in 2020 that carried over to 2021 from schedule K-1. In 2021, that loss should be a disallowed loss again because taxpayer has not sufficient basis in an S Corp to have the loss allowed. However, I am struggling to have Proseries to disallowed the loss in 2021. In 2021, S corp had a profit of 677.00 and the carryover loss from 2020 of -3,672, and Proseries is allowing a loss of -3.005.00 when the shareholder basis is zero. What do I need to do to have Proseries disallow the loss if I already have the "Some investment in corporation not at-risk" box is already checked.
Thank you so much for your help.
Bessy
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