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Limiting K-1 losses to basis and at-risk limitations on an Individual return in ProSeries

SOLVEDby Intuit10Updated May 08, 2023

This article will show you how to limit Schedule K-1 losses to basis and at-risk limitations for an Individual return in ProSeries Professional and ProSeries Basic.

Loss limitation due to basis limitation

Loss limitation due to basis limitation for K-1s isn't supported by the program. For suggestions on handling basis limitations, refer to the following articles:

For information on completing the 7203 see How to complete Form 7203 in ProSeries.

Loss limitation due to at-risk limitations

You can calculate loss limitation due to at-risk limitations by entering Information regarding at-risk limits on Form 6198.

Follow these steps to calculate loss limitation due to at-risk limitations:

  1. Open the K-1 Worksheet for the partnership or S corporation:
    • From the Forms menu, choose Select Form to open the list of forms in the return.
      • For a partnership, type P on your keyboard and the K-1P worksheet will be highlighted. Click OK to open the form.
      • For an S corporation return, type S on your keyboard and the K-1SCorp worksheet will be highlighted. Click OK to open the form.
  2. Scroll to Part II of the K-1.
    • This is information about the partner or shareholder, depending on which K-1 worksheet you need.
  3. Check the box labeled Some Investment in Partnership/Corporation not at-risk.
  4. Click on the QuickZoom button on the line next to QuickZoom to Form 6198 for at-risk limitation.
  5. Enter all applicable information concerning your at-risk Limitations on Form 6198.

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