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Level 2
posted Oct 3, 2019 2:06:55 PM

I have a S Corporation Loss in 2018. Can I claim this loss/ carry forward this loss in 2019 as it does not change my taxable income for 2018?

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2 Best answers
Level 15
Oct 3, 2019 2:54:07 PM

If you have a 2018 K-1 from the S corporation (the K-1 shows a tax year ending in 2018), you need to enter that information into your 2018 personal income tax return (Form 1040). 

 

You cannot defer the loss (i.e., choose not to report it) until the 2019 tax year. 

Level 2
Oct 7, 2019 10:17:31 AM

Thank you!

2 Replies
Level 15
Oct 3, 2019 2:54:07 PM

If you have a 2018 K-1 from the S corporation (the K-1 shows a tax year ending in 2018), you need to enter that information into your 2018 personal income tax return (Form 1040). 

 

You cannot defer the loss (i.e., choose not to report it) until the 2019 tax year. 

Level 2
Oct 7, 2019 10:17:31 AM

Thank you!