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