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I will page Champs @Rick19744 and @Mike9241 for this. Please check later.
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.
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?
In general, I agree with @Mike9241 comments. However:
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