Please add a basis limitation worksheet to the 1040 returns for clients that have S-Corp or Partnership losses that are limited by basis.
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.
@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.
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.
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.
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.
We really need basis tracking. Competitor software does it. The answer I was told was to use Lacerte. Not a good answer for me!
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.
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