Apportioning SubS Losses

[rbsorensen]

I have a Sub S Corporation that had a loss for 2022, but I need to apportion only a part of the loss for this tax year, and roll the rest of the loss over to 2023. 

How do I do that in TurboTax for Business so that the K-1 reflects the desired loss amount, or enter it into TurboTax Home and Business when doing my 1040?

[MinhT1]

You do not apportion only a part of an S-Corp loss to this year and carry over the balance to future years at the S-Corp level.

An S-Corp is a flow-through entity and all profits and losses are apportioned to shareholders through their Schedules K-1 which are then entered on their respective personal tax returns. And at the shareholder level, the losses are either used to offset other income or carried forward. Each shareholder has a different tax situation.

[Mike9241]

you do not apportion unless you changed tax years.

if you have a calendar S-Corp then the entire 2022 loss gets reported on its 2022 return. you have to complete forms 7203 and 6198 in your 1040

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if you have a fiscal year S-Corp ending in 2023. it's on the 2023 return (use the 2022 Turbotax business version ) that the entire fiscal year loss gets reported and on your 2023 1040 when it is reported.  again forms 7203 and 6198 for your 1040.  without an extension, an S-Corp return is due the 15 day of the 3rd month after the year-end. file form 7004 for a 6 month extension.  state laws vary on the need for an extension if a federal one is filed

[rbsorensen]

Thanks for the info.  A follow-on question...

My sub S corporation had losses in 2022 that exceeded my total income. 

How can I roll the excess losses from 2022 forward to 2023?