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- Re: 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?
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Suesabell
Level 3
06-20-2022
02:58 PM
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I have completed all forms but the program still gives him the loss on the 1040, what am I missing?
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TaxGuyBill
Level 15
06-20-2022
05:19 PM
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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.
