I have suspended losses in and S corp which exceed my basis. What is the step by step process to post them on the 2020 return ? How do you keep track of the losses

[Anonymous_]

The program will prompt you for the information when you enter your K-1 (see screenshot).

Note that you need to keep track of your basis in the corporation outside of the program.

[smudc1]

Hi tagteam, thanks for your prompt and helpful response!!

[smudc1]

Follow up question. The same S corp will show a loss for 2020. My loss will be suspended. How do I make sure the loss posted on the k-1 for 2020 is not used against my 2020 income as I do not have enough basis in the stock to take the loss

Thx

[Anonymous_]

@smudc1 

When it is presented, answer the at-risk question in the program accordingly.