If the 1120S form 7203 shows a loss is disallowed why is the loss showing to be allowed on the 1040? Did I miss entering something?
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ProSeries does not do it automatically. You need to do it manually.
When entering the K-1, you only enter the allowable amount of the loss (if any). Then you manually keep track of the unallowed amount and manually carry it to next year.
ProSeries does not do it automatically. You need to do it manually.
When entering the K-1, you only enter the allowable amount of the loss (if any). Then you manually keep track of the unallowed amount and manually carry it to next year.
Thank you! That's right! I completely forgot about that. The one down fall to this program!
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