cpabsd Posted October 11, 2007 Report Share Posted October 11, 2007 I have an S corporation that had losses limited during 2005. In 2006 they had a great year and most of the losses should now be deductible. The Schedule E instruction say to report on separate line with "PYA" as the description. How do I do this with the ATX software? This is my final return to finish. I want to be done. Thanks, Bonnie Quote Link to comment Share on other sites More sharing options...
Maribeth Posted October 11, 2007 Report Share Posted October 11, 2007 On your K-1 input sheet, enter the PYA as another S-corp name and use the same EIN. Then put your losses on the ordinary income line. Maribeth Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted October 12, 2007 Report Share Posted October 12, 2007 Bonnie, on the K-1 Input form, cursor down to the section named Passive Carryovers and At-Risk Limitations, enter the info in the appropriate line(s), and the form will make the PYA notation for you. Quote Link to comment Share on other sites More sharing options...
OldJack Posted October 16, 2007 Report Share Posted October 16, 2007 For a S-corp loss limited due to stock basis the 1040 for the loss year should have attached form 6198, " At-Risk Limitations". You then have the loss carryover established for the next years 1040. Quote Link to comment Share on other sites More sharing options...
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