S Corp Basis Limitation

[fuller7378]

I have a new client who is a shareholder of a S Corp with a basis limitation. I am a Pro Series Basic user and discovered that their software doesn't support the calculation. I learned that Pro Series professional doesn't support it either. Only by using their top package LaCerte would it be supported. LaCerte is out of my price range. Does anyone know of a worksheet I could use to manually calculate for the various pass thru items to report on his 1040? I'm not having any luck via the internet.

[Snaggletooth]

Tax Book Worksheet

If you subscribe to The Tax Book (Business), there is an excellent worksheet on Page 24-5.

[abctax]

Tax Tools

Tax Tools by CFS has one, plus a lot more schedules/flowcharts/ etc that I find invaluable. It isn't expensive software, and is immediately downloadable.

[TAXNJ]

Have you contacted technical support? Some Colleagues use Pro Series and said they did not have the basis limitation issue.

[fuller7378]

Thanks for the info.

I'll check it out.

[fuller7378]

Technical support

I called support and they told me that Pro Series basic and Professional are in the beginning stages of offering basis limitation worksheets. But they weren't sure when it would be available.