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Get your taxes done using TurboTax
How do I turn this into TT as a problem? Do some of those who have "Expert" by their name have a way to do this?
My k-1 has Box 1 income and loan repayment box 16 Code E. In the My Other situations page has 2 boxes checked
I did not check the box, I have at-risk loss carryover from 2021, since my carryovers are due to basis not at-risk.
When I continue f7203 comes up.
I have no beginning basis so TT correctly figured my basis due to current year profit of $1000. In the Debt basis section had $2000 debt at beginning $500 was paid so $1500 at end. In Part III of -Allowable Losses, there was $5000 carry over and TT correctly calculated the allowed amount of $2500 = $1000 basis + $1500 debt, and carryover of $2500.
GREAT - SO FAR. when click continue it asks what I should adjust my K-1 by Huh??
If I don't adjust anything, the Schedule E pg 2, doesn't show the PYA -prior year loss
And if I adjust to $(2500) Schedule E shows the loss in the current year but no line for the profit.
In ether case TT does not put a line for the prior year losses - PYA like it should.
My work around was what was suggested by RichA2023. I made 2 companies, one showing the profit and the other named PYA, same EIN, but showed the loss and the loan payback.
This is a new bug this year. It worked fine in prior years.
Also, while I was messing around with this, I found that if I didn't have a loan repayment involved, just a prior year loss, form 7203 would not even get triggered.