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If you have an S corporation (or an interest in one), then you should receive a K-1 from which you will enter figures into your 1040.
See https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf
Note that Form 1120-S (S corporation return) was due back in March of this year for the calendar year 2020. If that return has not yet been filed, there might be penalties involved. As a result, you should seek professional tax guidance.
See https://www.irs.gov/instructions/i1120s#idm140355077348880
the loss creates other issues. do you have enough tax basis to take the loss. form 6198 should be completed. and is the loss passive? that means to the extent of basis the loss would be subject to the passive activity loss rules.
@Mike9241 wrote:
the loss creates other issues.
Yet the threshold issue here is that @philtinataxturbo does not appear to be aware that a K-1 is prepared and issued to the shareholder(s) in the process of preparing the 1120-S.
Thus, the question is whether the return was prepared manually (without a K-1) or otherwise but @philtinataxturbo never received a K-1.
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