Hello,
I was hoping to get some guidance to ensure I am filing correctly. I am a single member S Corp and for 2023, I am showing a loss in item F. For the sake of this discussion let's call it $5k.
For 2024, I anticipate profits, let's call it $100k.
1. Am I correct to assume the $5k loss from 2023 can be carried over to 2024 making the total assets $95k?
2. My 2023 K-1 is showing a loss in item 1 for ordinary business income. I am reading that item cannot be negative, can anyone confirm? I am also taking a salary.. how would that factor into my personal taxes?
Thank you!
