Form 7203 Line 8a

[Tony20110]

The instructions for Form 7203 in the IRS website asks to enter on Line 8a of Form 7203 amounts from Schedule K-1, Box 16, Code C.  I entered the information in my tax return related to this but I can't enter it in Form 7203 and it does not come in automatically.  Any idea?  Thanks

[Rick19744]

A few comments:

• This is a brand new form, so I am sure there will be issues in completing this form for the next year or so.
• Appears you have read the instructions, at least for line 8a.  Are you required to complete this form?
  • There could be situations where it is not required; albeit only a few.  If this is the case, at least you can move forward this year.
  • Having said that, this form provides the taxpayer a consistent format to maintain their tax basis.  Whether this form is completed within TT when required, or outside of TT if not required, I still believe it is best to complete it.

[Tony20110]

Thank you Rick.  Yes I am required to file the form.  The problem is that Turbo Tax does not allowed to enter an amount in line 8a in accordance with the instructions for Form 7203.  I also found that Line 3k in the form should include amounts from K1 from Line 16 Codes A and B, not only A as Turbo Tax has in their form.

[mdagiantis]

Did you ever get this resolved?  I'm running into the same issue this year.  I cannot enter an amount on line 8A

[JamesG1]

Rather than enter an amount directly on line 8a of IRS form 7203, try entering the amount above at line B Nondeductible expenses.

Make sure that you Refresh Calculations at the bottom of the screen.

You may also be experiencing issues if there is $0 stock basis on line 7.

In that case, the Nondeductible expenses may be reported on line 28

@mdagiantis 

[mdagiantis]

Thank you, that's exactly what I ended up doing.  Figured the end result is the same, so seemed like the best option.

[sconmifi]

Regarding "...try entering the amount above at line B Nondeductible expenses."

I don't see a Line B Nondeductible expenses.

Would you indicate where it is located?

Also, line 7 on Form 7203 is not blank or zero.

[PatriciaV]

JamesG1 was referring to Form 7203 as it appears in TurboTax. Line B Nondeductible expenses appears in the Stock and Debt Basis Limitations Smart Worksheet at the top of the form.

Part I Line 7 is the sum of Stock Basis less Distributions, which is not normally zero if any stock basis has been entered.

@sconmifi 

[sconmifi]

Thank you. I see it now.