So I have an S corp that had losses last year because I lost several client engagements. I am the sole owner of the company and Turbo tax is asking me to fill form 7203. How do I fill the stock basis? When I say the stock basis is 100% at the beginning of the year, the form automatically calculates that basis to be 0 at the end of the year.
That is not true, right? Since I am the sole owner, my basis will always be 100% at the beginning or the end?
Can someone please help how to fill that?
No, your basis could be zero if you distributed assets or had sufficient losses. You may wish to review the calculations on Form 7203 Line 1 - 15 and identify the adjustments that were made.
Refer to the IRS instructions for help in completing this form.
Completing Form 7203 is a complex and tedious process, and you may consider upgrading to TurboTax Live. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.