MarinaEA
Level 4
10-13-2022
06:36 AM
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S Corp shareholder. The shareholders 2020 loss was disallowed due to basis limitation. The basis is restored in 2021. Where do I enter PY suspended loss carryover on 1040?
A schedule K-1 section A column B has "suspended loss carryover from prior year". Would that be the right place to enter it? If I enter it there, it seems to flow to the Schedule E, however it changes the passive status to "former". The shareholder is 100% actively involved in the business.
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