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Basis Limitation Worksheet on 1040

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Basis Limitation Worksheet on 1040

Basis Limitation Worksheet on 1040

Please add a basis limitation worksheet to the 1040 returns for clients that have S-Corp or Partnership losses that are limited by basis. 

New Member

The Intuit   should know that  computation  of basis  are required to be attached  to  business returns 1120-s And 1065 . Also  it has to be  added  to 1040 so that basis  loss limitation can worked correctly and  carried forward  for future use .  It is inevitable and very important  . Even Drake  software  is providing that  .  Pro series is powerful software and  lack of this important tool   shows its  weakness.

Level 15

@ClintCPA- FYI  User suggestions generally go nowhere  but it is a good one.

@patelkishor1  I m not aware that it is required to be attached to 1120S and 1065. It is required for 1040.

Level 1

Software already has that capability, you must activate the appropriate worksheet in the K-1 worksheet.

For S corporations, is in Part II, Information About the Shareholder.

For Form 1065s, Part II, Information About the Partner.

It would be best to create a basis statement in the S corp and 1065 first so you know what the remaining basis is before completing at risk limitation worksheets.


Level 1

The 1120S and 1065 returns have basis statement capabilities, but the 1040 return does not have a basis limitation worksheet that disallows losses due to basis limitations.  

I am requesting the basis limitation worksheet be added to the 1040 return.

Level 1

Agreed.  This would be a great feature to add.  I keep a running spreadsheet on the 1040 clients that have basis limitations from the 1120S or 1065 basis computations.

Level 3

We really need basis tracking. Competitor software does it. The answer I was told was to use Lacerte. Not a good answer for me!

Level 1

No word from Intuit on if a basis limitation worksheet can be added to the 1040 returns in ProSeries.  

Intuit, we need your help here.