Margaret CPA in OH Posted March 4, 2009 Report Share Posted March 4, 2009 I should know this but it's the first time outside of class years ago. S-corp losses exceed the basis for 2008 for sole shareholder. In construction, he's working off of huge credit card debt. It looks bad for the future, too. Meanwhile, how do I input the K-1 (in ATX) showing -$47,330 and not have it show up as deductible loss on page 1 against wife's Sch. C profit? Should I put 0 instead of the actual loss on the K-1? Quote Link to comment Share on other sites More sharing options...
cred65 Posted March 4, 2009 Report Share Posted March 4, 2009 I should know this but it's the first time outside of class years ago. S-corp losses exceed the basis for 2008 for sole shareholder. In construction, he's working off of huge credit card debt. It looks bad for the future, too. Meanwhile, how do I input the K-1 (in ATX) showing -$47,330 and not have it show up as deductible loss on page 1 against wife's Sch. C profit? Should I put 0 instead of the actual loss on the K-1? You need to use Form 6198. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 4, 2009 Author Report Share Posted March 4, 2009 I did add the form but couldn't figure out how to get it completed and matched up with the activity. I finally input what I think is correct on line 11 worksheet for investment. I assumed that Account payable for the activity included loans, payroll taxes, and credit card debt. Anyway, I still don't understand "how did it know" which activity to match up but it seems to have worked! Thanks for support. Quote Link to comment Share on other sites More sharing options...
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