how to enter K-1 in ATX

[chanp]

Hello all,

I know this is very common question but I cannot find my answer in this forum.

I have a client with a 2007 non-deductible K-1 loss (20000) but have a K-1 profit (1500) in 2008. I entered the 2008 K-1 in a K-1 worksheet and added a form 6198 but could not figure how to enter the 2007 loss to offset the 2008 profit and carryover the remaining loss to 2009. Last night, I had already spent 4 hours to try all the possible ways I can think of.

Thank you so much

[kcjenkins]

You enter the carryover loss down near the bottom of the K-1 Input sheet, where it says "PTP Carryovers and At-Rick Limitations"

[chanp]

Hello KC,

I will try it and let you know. What I did last night was to use the 6198 to calculate the allowable loss for the year 2008 and manually added a dummy K-1 (same tax ID) to enter the PYA loss (calculated from 6198 which did not flow to any form). So, I have both the 2008 income and the 2007 non-deductible loss allowed in 2008.

Thank you so much. I will definitely try your way.