I have an S Corporation, and I entered my 2022 K-1 information into TurboTax. The ordinary income information is showing up correctly on the Schedule E, and the interest income is showing up correctly as taxable income. There were no other numbers on my K-1.
BUT on the printed Form 7203 in my final package, these numbers are not being included, and my basis at the beginning of the year (which is correct) is the same as my basis at the end of the year (which is incorrect).
Has anyone else seen this?
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surprise. the 7203 does not populate from the k-1 because it's possible you have multiple blocks of stock with require each to be addressed as to the amounts of the K-1 to report for each. even if only 1 block it s up to you to enter the numbers that affect basis. in addition, the 7203 does not limit loss should it exceed basis - you have to go through the 6198. if distributions result in a negative basis, that's capital gain income that you also have handle manually. doesn't reflect positively on Intuit because its professional software take care of these situations as does most other pro software.
I spoke with 3 customer service experts, and no one knew (in TurboTax Online) how the 7203 is populated and how I could correct this problem.
If it does not automatically populate from the K-1, then we need to be able to populate it in the software.
It left me with 2 choices: 1) don't e-File, i.e. send in a paper return and include my manually created 7203, or 2) since the 7203 is not actually required in my situation, apparently I can delete the form in TT Online and then it won't e-File the incorrect version.
Intuit needs to fix the situation and/or give us proper instructions.
What do we do to correct an electronic filed return return where the Form 7203 did not populate/
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