lisaj
Level 2
12-07-2019
07:31 AM
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I have a S-Corp K-1 which shows a loss of 49,874 - However the basis on 1/1/2018 was 33,800 so there needs to be a loss carryover of 16,654 and I cannot get it to calculate this correctly. It is allowing the total loss of 49,874. Any suggestions on how to do this?
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IRonMaN
Level 15
12-07-2019
07:31 AM
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Your lucky number for today is 6198.
Check the correct box on the K-1 worksheet letting the software know that you have at risk limitations.
Slava Ukraini!
lisaj
Level 2
12-07-2019
07:31 AM
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Well for whatever reason I am not seeing that box.
IRonMaN
Level 15
12-07-2019
07:31 AM
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On the K-1 worksheet in the 1040 module, Part II.
Slava Ukraini!
Slava Ukraini!
lisaj
Level 2
12-07-2019
07:31 AM
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I see that and have all investment at risk and filled out the 6198 with all the correct numbers but it still allowing the loss and not just a portion of it.
lisaj
Level 2
12-07-2019
07:31 AM
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I added an attachment
IRonMaN
Level 15
12-07-2019
07:31 AM
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You need to check the other box "some investment not at risk"
Slava Ukraini!
Slava Ukraini!
lisaj
Level 2
12-07-2019
07:31 AM
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OK - that is what I was thinking. Now I just need part of it deducted.
lisaj
Level 2
12-07-2019
07:31 AM
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I got it - I have the 6198 filled out.