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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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Form 1120S Stock and Loan Basis Info Worksheet
Form 1040 K1 entry Part II Quickzoom to Form 6198
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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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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.
