How do I Suspend 1120S Loss In Pro-Series

[L0ngtaithien]

Hello all,

There is  huge loss in 2020 due to COVID  and I'd like suspend this loss. 

How do I do this in pro-series.

Any helps will be greatly appreciated.

[sjrcpa]

I'd like suspend this loss.

The only reasons I know that it can be suspended are:

No basis

Passive

And this happens on the shareholder's return, not the 1120S

[L0ngtaithien]

That's what I understand from my researched.

There is a shareholders' basis but not a lot. The loss exceed the shareholders' basis.

How do I enter that in the shareholders' returns?

Thank you

[rbynaker]

ProSeries does not have a mechanism for limiting losses in excess of basis.  Using a 6198 might get you to the same bottom line but it's not technically correct.  You just have to do this manually and keep a spreadsheet of cumulative adjustments.