Beno58
Level 3
04-15-2020
12:45 PM
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I prepare 1120s and then import to 1040. The 1120s/k-1 has a basis limitation for the loss. Can the limitation be entered manually at the 1120s level prior to import or must I manually adjust once imported to the 1040? Proseries.
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sjrcpa
Level 15
04-15-2020
12:49 PM
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The basis limitation applies to the shareholder, not the corporation. So it needs to done on the shareholder's return.
Ex-AllStar
Beno58
Level 3
04-17-2020
07:53 AM
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I have done this in previous years by manually adjusting income on the k-1 after import. Basis is tracked on the 1120s side and there is only one shareholder. So I wasn’t sure if I was missing something before import.
Thanks for you help!
