natcpa1
Level 1
03-06-2021
09:00 AM
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Can someone please help me... I am doing a personal return for an Active K-1 Partner. Box 1 of his K-1 reflects a loss of (12K). However his basis is (11K). He doesn't have enough basis to take a loss.
1) How do I let ProSeries basic version know that the partner doesn't have basis to take this loss? Once I input (12K) box 1 loss into the program it automatically assumes he can take this loss- - which he CAN'T
2)Where do I input basis information and let ProSeries Basic know that this loss needs to get carried forward to future years?
Thank you all so much for your guidance.
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