richard64
Level 2
03-05-2021
02:14 PM
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Can't get the allowable loss to show up on k-1
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dkh
Level 15
03-05-2021
02:22 PM
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The basis limits are done on the individual returns. The Basis Statement is to assist with that.
richard64
Level 2
03-05-2021
02:31 PM
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Thanks - so the ordinary loss on the K-1's on the S-corp return won't match the k-1's on the 1040 return - is that okay.
dkh
Level 15
03-05-2021
03:18 PM
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You'll enter the K1 information as reported then Quickzoom to Form6198 to enter basis limits
richard64
Level 2
03-06-2021
12:36 PM
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Did what you said. Deductible loss on 6198 is correct, but total loss still appears on k-1- line 1 and line 8 on 1040. At risk limitations worksheet won't allow you to enter any information. Know what schedules should look like but can't get there. Can I email you a pdf of the problem?
Thanks for your assistance
.