Form 7203 calculates my allowable losses for 2023 from a partnership as $27,815. However I do not have any other reportable income for 2023. Can these losses be carryover to 2024 and if so how do I do that. Turbo tax is showing this loss on form 1040040

[Mike9241]

form 7203 is for S-corps not partnerships. Tax basis computations for each differ. so, which is it? it should be obvious from the words at the top of the K-1

if you have negative agi, you probably have an NOL. Turbotax does not compute this so if you do it will not roll to 2024

use form 1045-schedule A or PUB 536 to make the computation

except for an NOL arising from farming losses (2 year carryback unless waived)  in 2023, it must be carried forward to 2024. there is no longer a carryback provision. 

[donkozak]

Sorry it is an Scorp, form (1120-S).

So, form 7203 calculates my allowable loss for 2023 to $27,815 which is also the total loss on line 1 of the K1. So then form 2023  shows no carryover to 2024. However, I have no income in 2023, 

Is there any way I can carryover this loss to 2024? If I change my loan or shares to a lower value it reduces the allowable loss value and shows a carryover to 2024 in part 3 of form 7203 but then I am not entering the correct values of my loan or shares. Can I overide the allowable loss vale or do anything to carryover the loss to 2024? 

[Rick19744]

In general, I agree with @Mike9241 comments.  However:

• There is limited information in your facts to provide sufficient guidance since you just note specific amounts and no indication of what line you are referring to on form 7203.
• Additionally, form 7203, based on my understanding, may not be a form that TT completes without a fair amount of user understanding of the form and how it works.
• You don't mention what parts of form 7203 you are completing, especially what part III columns are completed.
• Based on your latest comments, it appears you may need to enlist either some support from TT as they have the ability to see your return, or get some professional help due to the loss.
• You also don't indicate whether you are active or passive or whether this is the initial year for this K-1.