Disallowed prior year S-corp loss

[cpr1955]

Where do I enter a prior year disallowed loss due to basis limitation for an S-corp member?

[Abby Normal]

In the 1120S system, you check the box on the K1 to print Shareholder basis statement on the Global Info tab, then enter it on the Input tab.

Unfortunately there's no break down of what the carryover losses/deductions are. I made a suggestion to ATX to gives us the breakdown but they told me I didn't need it. And I told them not to tell me what I need or don't need.

If you're asking about the 1040, there is a form called Basis Worksheet and you also have to check the box to calculate basis on the K1 input form.

[jklcpa]

1 hour ago, Abby Normal said:

...they told me I didn't need it. And I told them not to tell me what I need or don't need.

.

 

I love this. That is all.

[Catherine]

I love it, too.  

And CFS Tax Software has one of their tools that tracks basis in case you need it.  It's a worksheet; you do all the entries and it tabulates.  But better than designing your own template, especially if the other tools in that package (exactly which one escapes me but likely Small Business Tools) are useful to you.