Form 7203 input issue

Forum|Forum|3 years ago
March 25, 2023
1 reply
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Trying to fill out form 7203 and it will not let me enter information into the cell for line 8a-non-deductible expenses. This is the same info entered into the K-1 box 16 code C, but it apparently does not automatically copy from there.

I click on the cell like all the others, but it will not let me enter anything....

Suggestions?

Mike9241

Level 15

for the 7203 the nondeductible expenses are entered as one of the first items on the 7203 (item B) in Turbotax then there's a question about reg 1.1367-19g). what this allows is for you to reduce your basis and take deductible losses before you reduce basis by nondeductible expenses.

example without the election: tax basis/at-risk $50 loss $60 nondeductible expenses $10. basis/at-risk first reduced by nondeductible expenses so only $40 of losses are allowed. the other $20 become basis/at-risk carryover. with the election, $50K of losses are allowed and you have $10 of loss basis/at-risk carryover and $10 of nondeductible expense basis/at-risk carryover

Mike9241