@BillyDB wrote:
Too bad I chose it in my corporate return because the deduction goes to waste.
I don't understand how the Schedule K-1 At-Risk Limitation Allocation Worksheet
I still have the problem with a red number on line 12 of form 4562
Sorry for the misunderstanding, but it doesn't go to waste. It is carried forward until it is eligible to be used (in your case, when Basis is restored).
Form 6198 for At-Risk does not apply and should not be filed. Some people incorrectly use that to limit Basis (TurboTax does not limit it automatically, you need to do it manually), so some people incorrectly use Form 6198 (At-Risk) instead. Don't do that.
As for your problem about the error on line 12 of Form 4562, unfortunately, I'm not sure why that line did not auto-populate. Personally, I would remove the override and then finish the return and check for all other errors. Then see if something made it auto-populate (and also check if there is more than one 4562 on the return, just in case something is showing up on a separate form).
