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!

1207

Level 2

Jun 1, 2019 12:50:56 PM

You don't need to include your beginning stock basis in the program. You can enter the loss and by you indicating that all of your loss is at risk, you are saying that you have enough basis to take the loss (and carryforward any excess).

New Member

Jun 1, 2019 12:50:57 PM

Thanks for your reply. I later realized that if I don't select the option:"All of my investment in this activity is at risk.", I will be able to enter to enter my basis at the beginning of the year. The issue is that I am not sure if the above options ("All of ... is at risk.") is applicable to me.

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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?