S-corp basis limitation

[GLJEANNE]

New client, sold out of s-corp in 2017 with a final payment in 2018.  Last year, company had a loss, which previous accountant shows was limited by basis. 

1) I know the balance of the loss is a carryforward, but can't find where in ATX to add that amount?  I see the basis worksheet, but can't enter directly to that, nor does it jump to an entry screen.

2)  Can that loss be used against the distribution this year?  If not, the distribution is just a cap gain distribution.

I don't usually see S-corps, so not sure where to find entry for some of this stuff.  I'm driving myself nuts trying to find it in the program.

 

[DANRVAN]

I would input directly to the tax form instead of messing with the worksheet. You can usually override the entries.

[Abby Normal]

At the bottom of the K1 input screen, assuming you've checked the calc basis box.

[GLJEANNE]

Less and less lines allow us to just force numbers on the forms this year.

I do have the bottom of the K1, but Ordinary Loss carryover only allows for it to be subject to Passive Limitations.  It wasn't a passive activity, but I suppose now that it's sold it doesn't matter. 

Still need to know if this year's K1 16D distribution can be applied to that carryforward.  I haven't been able to find anything that addresses that, so I may end up just assuming not and making it cap gains, but I hate to just assume.

[ILLMAS]

1 hour ago, Abby Normal said:

At the bottom of the K1 input screen, assuming you've checked the calc basis box.

I will be working on a 1120S later today or tomorrow, but I went ahead and took a look at the calculate basis box, but I don't see it, neither on the basis worksheet.  Unless it's the box labeled "Check if special ordering election made", but if I check it, nothing populates.

Thanks

[Abby Normal]

40 minutes ago, ILLMAS said:

I will be working on a 1120S later today or tomorrow, but I went ahead and took a look at the calculate basis box, but I don't see it, neither on the basis worksheet.  Unless it's the box labeled "Check if special ordering election made", but if I check it, nothing populates.

Thanks

I was talking about a 1040 with a K1 input form. The 1120S basis always calcs but you have to check a box at the top of the K1 to print it.

Basis should be mandatory so we don't have to opt in.

[Abby Normal]

1 hour ago, GLJEANNE said:

Less and less lines allow us to just force numbers on the forms this year.

I do have the bottom of the K1, but Ordinary Loss carryover only allows for it to be subject to Passive Limitations.  It wasn't a passive activity, but I suppose now that it's sold it doesn't matter. 

Still need to know if this year's K1 16D distribution can be applied to that carryforward.  I haven't been able to find anything that addresses that, so I may end up just assuming not and making it cap gains, but I hate to just assume.

The final payment in 18 will be income to the extent of the gross profit % on the installment sale (and possibly some interest income?). That income will increase the basis.