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How do you fix an error in K-1 7203 entries if the "fix" screen doesn't give you any context and the entry appears correct?

My small s-corp had a very humbling year with a gain of only $281. That information is entered on the K1, Box 1 as a gain and line 3a of form 7203 as a gain, but I keep getting a "Fix" error saying "Form 7203: Line 3a cannot have a gain in Part 1 and a loss in Part 3. Check your entries." Then it only shows Line 3a with the 281 entered. That is the correct answer and TT won't show me any other parts of the form for context. How do I get past this issue?
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2 Replies
ThomasM125
Expert Alumni

How do you fix an error in K-1 7203 entries if the "fix" screen doesn't give you any context and the entry appears correct?

Form 7203 would normally only be needed to report a loss from an S corporation. Since you don't have a loss, you can try deleting the form and that may resolve your issue as follows:

 

1. Choose the Tax Tools option on your left menu bar while working on your return

2. Choose Tools

3. Choose the Delete a form option under Other Helpful links 

4. Find the Form 7203 in the list and delete it


 

 

 

 

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How do you fix an error in K-1 7203 entries if the "fix" screen doesn't give you any context and the entry appears correct?

For anyone else having problems. It turns out there was some sort of TT bug OR blip when I originally entered the form. I worked with their phone supports for over an hour and we finally resolved by deleting the K-1 completely and re-entering the information (completely the same information) and it worked no problem.  Wish I had thought of that 2 weeks ago!

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