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Sub s program calculates allowable loss (basis worksheets) when current year operating loss exceeds basis. However, k-1 for each shareholder still shows total loss for the year. What to do?

richard64
Level 2

Can't get the allowable loss to show up on k-1

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4 Replies 4
dkh
Level 11

The basis limits are done on the individual returns.  The Basis Statement is to assist with that.

richard64
Level 2

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.

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dkh
Level 11

You'll enter the K1 information as reported then Quickzoom to Form6198 to enter basis limits   

 

richard64
Level 2

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

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