TaxGuyBill
Level 15
03-31-2021
01:39 PM
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@trish-33540 wrote:
Only way I see to do it is on the K-1 itself.
Then the carryover loss does not show up on the tax return anywhere, correct?
Next year, I will adjust the K-1 line one amount to reflect my calculated carryover, correct?
Yes.
Correct.
No. It needs to be entered on the Schedule E on a separate line.
https://www.irs.gov/instructions/i1040se#idm140048554393680
As for your next question for how to do that, I'm not sure if ProSeries has a spot to do that, or if you need to enter it as a separate K-1 called "PYA".