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!