I'm doing my 2017 tax returns and I have an S-corp that had a loss in 2016. How do I know if I have an at-risk carryover loss?
Do I find this on my Federal Carryover Worksheet? If so, how do I calculate it?
Are you preparing the S Corp return? I ask because you can't use the Home & Business version for an S Corp. you need the separate Turbo Tax Business program. But Business is only available for Windows not Mac.
A couple of things here:
Thanks for your quick response @VolvoGirl ! I'm preparing my personal tax return and have a K-1 for my S-corp
@Rick19744 Yes, I took the loss in 2016, but wondered if there was a limit per year. If there's a carryover loss, where would it show on my 2016 tax return?
I forgot to mention, it's a single-member LLC taxed as an S-corp, and I put a 100% into the company.
A couple of follow-up comments:
https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf
Unless you properly maintain your basis, you will not know if you are able to take losses, if distributions are tax-free or taxable, or determine your gain or loss upon the sale or liquidation of your stock.