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I need help with loss carryforward on 1120S. How to apply…

I need help with loss...
I need help with loss carryforward on 1120S. How to apply from 2016 to 2017. Thank you.
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Answered in 45 minutes by:
3/15/2018
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,011
Experience: 35 years tax experience, including four years at a Big 4 firm.
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S corp losses go to the shareholder for application. There is no s corp carryforward.

If the loss was more that the shareholder other income, the shareholder might have a net operating loss to work with, but the s corp does not carry the loss.

Losses that are suspended at the s corp for basis or at risk limitations are shareholder issues.

I hope this helps. Ask for follow-up help if needed. Post positive feedback, five stars being best, ***** ***** covers your request. I'm PDtax.

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Customer reply replied 1 month ago
Thank you. My client had loss carryover from scorp in 2016 and has income in 2017. To conclude, I will calculate shareholders basis, and loss is limited to basis. Anything in excess of basis flows to future years. There is nothing I need to do on corporate tax return but rather I will deal with this on 1040. By that being said, it means that each shareholder needs to maintain carryover loss and basis calculations bc it won’t say on K 1. Would that make sense?

That's exactly right.

Please rate to complete your request.

PDtax

PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,011
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Customer reply replied 1 month ago
Thank you for confirming my analysis.
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