topic Form 1120S K-1 Section A Net loss allowed calculating zero in Get your taxes done using TurboTax

Form 1120S K-1 Section A Net loss allowed calculating zero

mikegreenewv — Fri, 26 Mar 2021 15:21:09 GMT

I have net losses from S-corp K-1's for Net rental real estate. After I enter my information and look at the 1120S form in Turbotax Deluxe, it's calculating column C as zero. Last year I entered the same information in Turbotax Premier and it calculated column c losses correctly. It automatically brought over column b losses from last year's file.

Did the tax laws change preventing me from reporting my losses this year due to some new limits, is it a function of using Deluxe versus Premier, or is there some other issue?

Mike

Re: Form 1120S K-1 Section A Net loss allowed calculating zero

JeffreyR77 — Mon, 29 Mar 2021 18:45:56 GMT

You do need TurboTax Premier to address rental property tax issues.

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Re: Form 1120S K-1 Section A Net loss allowed calculating zero

mikegreenewv — Mon, 29 Mar 2021 19:21:23 GMT

Thanks. I upgraded to Premier, quit Turbotax, re-opened it, and installed updates. It's still calculating the exact same result as with Deluxe.