I left an S-Corp for which I had been receiving a K-1. I will not be receiving a K-1 for 2019, but I am still owed distributions that were reported. Can I claim a loss?

[Anonymous_]

You have to compute your basis which, hopefully, you have been keeping track of outside of TurboTax.

See https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-stock-and-debt-basis

[kelseynberry23]

Thank you! I have no debt basis - but need to confirm the stock basis. I was a 5% shareholder. I have the paperwork but it has not been computed. If I am not getting a K-1 for 2019, how can I report it as a loss? 

[Anonymous_]

@kelseynberry23 The link I provided has guidance on how to compute your stock basis (scroll down).

You should obviously know what you initially contributed to the corporation and, from there, you need to follow the instructions on the IRS web site.

[kelseynberry23]

Thank you! I have been digging into the link. 

My initial investment was on an equity basis, which is a bit tricky.

[RobertG]

You should report it as the sale or other distribution of your stock in the S-Corp.

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