Tax help for S corp

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
castiron
Posts: 3
Joined: Thu Apr 22, 2021 1:31 pm

Tax help for S corp

Post by castiron »

Hi everyone. I am an S corp owner (medical practice) who usually does his own taxes. But I am running into a problem on Turbo tax. I am less than 5% shareholder, the loss is related to a PPP loan. I want to create the correct basis in the event of PPP forgiveness.

This year I am reporting a loss on my K-1. I have a zero basis, I believe. I plan to carry over this loss to next year to use it when I have a basis. How do I do this on turbo tax so I don't mess things up for next year when I try to take the loss?

Thank in advance!
Post Reply