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How can I enter both a positive beginning-of-the-year stock basis and a loss reported in my S-corp K-1 form for the tax year while using the TurboTax software?
I am a shareholder in an S-corporation. I had a positive basis at the beginning of 2018 and a business loss in my K-1 for 2018. When I use the TurboTax software and select the option "All of my investments in this activity is at risk" I never get to report my stock basis at the beginning of the year. I need to enter the basis so I can only be liable for the losses not exceeding my basis. I realize that the rest of the losses are carried forward to 2019. So, I wonder if I am doing something incorrectly. Thanks for the feedback!
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‎June 1, 2019
12:50 PM