At risk worksheets don't allow fields to be populated Form 6198 calculates correct allowable loss but k-1 -line 1 ordinary loss still has total loss (same as
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Thanks again for your help. 6198 calculated the correct allowable loss but Schedule E page 2 still shows the full loss as reported on K-1 part III on line 1. Very frustrating to see how pro series left us hanging. Their customer help associates are stymied as to figuring this out. Meanwhile it's up to pros like you to figure it out. Any additional help will be appreciated.
Each shareholder needs the basis worksheet to limit the loss on their personal tax return thru Form 6198 which will flow to Sched E page 2
I realize many ProSeries users use Form 6198 as a work around, but Form 6198 is NOT supposed to be used for Basis limitations. That is for At-Risk limitations.
The proper way to do it is to manually calculate the allowable loss, and only enter that on the K-1. Then manually carry forward any unused losses for when Basis is restored.