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Shareholder Basis

Level 1

I have a S-corp client that has a carryover loss from the tax  years 2014 - 2017, the previous preparer failed to recognize the initial capital and additional loans to the business in earlier years. If I want to add basis to the 2018 tax year in ProSeries, where do I enter the information?

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3 Comments 3
Level 15

Form 1120S  Stock and Loan Basis Info Worksheet   

Form 1040 K1 entry Part II  Quickzoom to Form 6198


Level 1

in the 1120S Basis Info worksheet, do I enter the loan balance as a negative number? Also, the original loan was made in a prior year, do I enter the beginning balance as $0?

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Level 13

Enter as positive since Loan is assumed as Loan Payable to shareholder. Loan Receivable isn't basis.

If there should have been a loan in prior years, then it should be in Beginning Balance, correcting the opening balance.


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