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    K1 for S Corp

    Clinet came in with a k1 from a s corp with a ord loss line 1 of 3203 line 2 income 275 and line 8a long term loss of -467.Also had a worksheet showing losses limited to basis and basis is -8706.I know they don't get the loss as their loss exceeds their basis but do I still enter the info from the k-1 on the return and when I do the loss is carried to the 1040.Question is how do I get the loss not to carry to 1040

    #2
    What software do you use?

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      #3
      software

      I use turbo tax

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        #4
        Sorry can't help you.

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          #5
          I don't know anything about TurboTax, but if it doesn't allow you to indicate on the K-1 input screen that some amounts are not at risk, you need to bite the bullet and get some decent software. At-risk basis should be computed, and Form 6198 should be used to carry forward the disallowed loss.

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            #6
            Would this loss be classified as non passive

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              #7
              Originally posted by Unregistered
              Would this loss be classified as non passive
              It depends. Did the S corp shareholder materially participate in the business? If so, the loss is non passive. If not, the loss is passive, subject to passive loss limitation rules.

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