7203 part 1 cannot have a gain and part III have a loss for windows download version

[friedmanke]

my k1 for 2022 shows a profit. there are loss carry forwards from the prior year is shown in part 3 with the allowable loss from stock basis and allowable loss from debt basis amounts.

the reviews says you can't have part 1 with a gain (profit?) and part 3 with a loss.  not sure why it thinks there is a loss, since that section is speaking about the loss carry forward....

i'm assuming column e in part 3 should be the difference between the loss carry forward from 2021 and the profit in part 1 which would result in there still being a further loss carryforward for 2023.

other posts applicable to the online system have suggested deleting 7203 and reentering.  but does that work for the download version of home and business?  if not, how do i get rid of this error flag from the review. 

also, on schedule e, it appears that the PYA should also be list on a second line still with the loss carry forward amount from the prior year (or should it have a reduced amount to account for the profit this year)?

[tagteam]

@Mike9241 

[Mike9241 · Accepted solution]

found the probable issue. besidrs the 6198 there is the 6198 at risk limitation worksheet where you enter each component of the prior year's losses not allowed by atrisk rules. you also have to check boxes

1) I have at-risk carryober from 2021

2) i am reporting a loss not allowed in prior years due to at risk..................

if the entries are correct form 6198 line 1 will show current year income net of prior year losses not allowed due to at risk. line 10 shows allowable loss and a section below (forms mode) shows the carryover (same as 7203 line 35 column e)

7203 line 3a shows cyyent year income (you may need to enter this(

line 35 column b shows the prior year at risk loss not allowed (automatic)

line 35 column c shows allowable loss before limitation which is current year income + any increase in stock basis

line 35 column e shows carryover which matched the 6198

at risk worksheet - S shows the various allocations and the disallowed loss column matching the 7203 and 6198

a similar worksheet for at risk amount for AMT purposes.