I have a loss on line 1 of my K1-S Corp. Let's call it -X. My stock basis is zero. Line 35c of Form 7203 (allowable loss from stock basis) correctly shows the allowable loss amount, lets call it 0. However, Schedule E, p2 has the full loss from line 1 of my K-1 on line 28i which then transfers to Schedule 1 as negative income.
I asked a similar question last year, and the method that worked was to adjust this on the At Risk Wks -S for the S-Corp. In this years 2023 version, there is no At Risk Wks-S for the S-Corp. I tried overriding it on Schedule E, p2 but that will not allow for electronic filing.
Where is the correct place in Turbo Tax 2023 to deal with this?
Thanks,
Doc
