topic I have suspended losses in and S corp which exceed my basis. What is the step by step process to post them on the 2020 return ? How do you keep track of the losses in Business & farm

I have suspended losses in and S corp which exceed my basis. What is the step by step process to post them on the 2020 return ? How do you keep track of the losses

smudc1 — Sat, 20 Mar 2021 14:42:18 GMT

Re: I have suspended losses in and S corp which exceed my basis. What is the step by step process to post them on the 2020 return ? How do you keep track of the losses

Anonymous_ — Sat, 20 Mar 2021 15:38:22 GMT

The program will prompt you for the information when you enter your K-1 (see screenshot).

Note that you need to keep track of your basis in the corporation outside of the program.

Re: I have suspended losses in and S corp which exceed my basis. What is the step by step process to post them on the 2020 return ? How do you keep track of the losses

smudc1 — Sat, 20 Mar 2021 15:46:34 GMT

Hi tagteam, thanks for your prompt and helpful response!!

Re: I have suspended losses in and S corp which exceed my basis. What is the step by step process to post them on the 2020 return ? How do you keep track of the losses

smudc1 — Fri, 16 Apr 2021 19:46:20 GMT

Follow up question. The same S corp will show a loss for 2020. My loss will be suspended. How do I make sure the loss posted on the k-1 for 2020 is not used against my 2020 income as I do not have enough basis in the stock to take the loss

Thx

Re: I have suspended losses in and S corp which exceed my basis. What is the step by step process to post them on the 2020 return ? How do you keep track of the losses

Anonymous_ — Fri, 16 Apr 2021 22:15:00 GMT

@smudc1

When it is presented, answer the at-risk question in the program accordingly.