Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- If client has zero basis (non passive) in his S Corp I have completed the 7203 and the other form showing the basis as zero but program puts it on 1040?
If client has zero basis (non passive) in his S Corp I have completed the 7203 and the other form showing the basis as zero but program puts it on 1040?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Suesabell
Level 3
06-20-2022
02:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have completed all forms but the program still gives him the loss on the 1040, what am I missing?
Labels
2 Comments 2
TaxGuyBill
Level 15
06-20-2022
05:19 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
ProSeries does not limit due to Basis. You need to manually do that by only entering the allowable amount (if any) on the K-1 worksheet.
You will also need to manually keep track of unused losses for future years. When allowed, you will need to enter those unused losses by entering a separate K-1 and name business of that K-1 "PYA". You may also need to check a box about using that on page 2 of Schedule E.
