How do I limit a suspended loss carryforward from S Corp?

[tasspd]

Shareholder has suspended loss carryforwards and no basis.  This year they have ordinary income and received a distribution which would have been capital gain if loss, but under rules now a non-dividend distribution therefore the ordinary income should be the distribution amount and suspended loss limited to income over distribution

[sjrcpa · Accepted solution]

You have to manually input only the amount of loss that is allowed and keep your own schedule of the caryover amount.

[tasspd]

How do I override the suspended loss carryover in ProSeries.   The numbers seem to be behind the scenes in the program as they don't carry forward to the K-1 input screen or the 6198

[sjrcpa]

I don't know. I use Lacerte which does apply the basis limits and tracks the carryovers.

[TaxGuyBill]

Suspension of losses due to Basis are not supposed to be on a 6198 anyways, so there shouldn't be any carryovers in the program.  You may need to just delete the 6198.