Hi everyone.
I'm having an issue while filling out Form 7203. I'm manually inputting the values on the Part II Shareholder Debt Basis. When I finish, I hit Continue. If I go back, none of the values I manually input are there. Even worse, when I get to "Review your tax return" (at this point, I'm ready to file), those values are also blank.
What am I doing wrong? I also tried clicking the "Refresh Calculation" button while filling out Form 7203, and it did not work. Help!
Maybe you are doing nothing wrong. Check the form under Print, save or preview this year's return.
In TurboTax Premium Online, I am able to report entries in all three parts of IRS form 7203 S Corporation Shareholder Stock and Debt Basis Limitations.
I recommend selecting Refresh Calculations upon each entry.
Also note that some entries are not made directly in the form, but are entered on lines B through F above.
I have noticed that although I select either Formal note or Open account under the heading in Part II, the selection does not show even after refreshing. The selection does show when I view the form in the final tax return. See below.