Adjusted basis for K-1 (1120-S)

Where can I find the amount of the adjusted basis in my K-1 form 1120-S and from Shareholder basis worksheet?

984

Level 13

Mar 27, 2021 4:27:11 PM

As a shareholder in an S corporation, it is your responsibility to maintain your tax basis in this investment.

This begins with your initial capital contribution and is updated annually for the applicable items on your K-1.

If you have been using TT previously, have you looked in your 2019 TT worksheet information to see if there is anything there?

Level 1

Mar 27, 2021 6:47:17 PM

This is first year I file as share holder.

Level 13

Mar 28, 2021 7:08:19 AM

Ok. Take a look at the K-1 instructions in the attached link. You should be able to determine the annual adjustments from this.