![ProConnect Help](https://uxfabric.intuitcdn.net/web-app/sh-exp-pcg-app-experience/pcg_ohh_icon.2bb472dd.png)
How to resolve Lacerte diagnostic ref. 11118 -Amount of loss is entered as a Federal Basis Carryover
by Intuit• Updated 8 months ago
When preparing an Individual return where New Jersey is one of the states, you may encounter the following diagnostic:
- An amount of loss is entered as a Federal Basis Carryover for a Partnership. An entry of -1 should be entered in the corresponding 'state if different' Basis Carryover code in order to prevent the NJ return from reporting any prior year loss amount. NJ tax law prohibits any carryover of losses, including Basis carryover amounts. (ref. #11118)
To resolve this diagnostic:
- Go to Screen 20.1, Passthrough K-1 Partnership Information.
- Scroll down to the Basis Carryovers section.
- Enter a -1 in the State, if different column and source to NJ if the column has a federal Basis carryover amount for:
- Ordinary loss,
- Rental real estate loss,
- Capital loss, etc...
- Repeat for any other Partnership K-1's with federal Basis carryover amounts.
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- How to enter Section 1231 loss carryovers in Lacerteby Intuit•153•Updated 1 year ago
- Entering a capital loss carryover in Lacerteby Intuit•374•Updated 1 year ago
- How to resolve Lacerte diagnostic ref 38754 - CA NOL make the election to waive the carrybackby Intuit•23•Updated November 20, 2023
- How to resolve Lacerte diagnostic ref 10912 and 7134 - CA extension or estimate in excess of $20,000 must remit through EFTby Intuit•11•Updated November 20, 2023
- How to resolve Lacerte diagnostic ref. 9350 - partial state refund benefit due to AMTby Intuit•5•Updated November 20, 2023