david3
Level 8
a week ago
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TP has a S Corp K-1 with a $10K 2024 profit and F 7203 shows $4K allowed loss carryover.
Per all the instructions and posts in the Community, I thought I could report $6K as ordinary business income on line one of the K-1 Wks.
However, when I do that, F 7203 doesn't show the $4K loss allowed and shows the prior year loss carryover as the loss carryover to 2025.
How do I get PS Professional to recognize the $6K profit instead of the $10K profit?
Thank you.
Best Answer Click here
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