I just filed my s-corp taxes and the schedule K-1 generated includes the full loss for the year rather than just what would be allowed based on my increase in basis. It also includes a carry-forward that I did not enter. I did not have this issue last year and so filed before seeing what was included on the K-1. Do I need to amend? If so, how do I correct the issue? I entered the APIC in the balance sheet and am not sure how else to handle this correction. Do I use section 199A to adjust out what should not be allowed manually? Or should I just have my CPA adjust what he carries into our personal filing? Thanks!
