Form7203 only has data in box35a and47a?Schedule E is not checked for basis.Do boxes 16 and box 21 need data? what box is the difference on 1120S? Turbotax apparoved asis

Turbotax did the final check and said I was good to go with data only in box 35a and 47a on form 7203. Schedule E does not have box checked for basis. If I have to fill in 16 and 21, where on 1120 do I find the difference.

169

Expert Alumni

Apr 18, 2022 2:23:55 PM

Part II lines 16 through 21 report debt basis but it is possible that you have no debt loaned to the S corp to report.

IRS Form 7203 Instructions page 3 referring to Part II Shareholder Debt Basis states:

You must complete this section if you have personally loaned money to the corporation.

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Form7203 only has data in box35a and47a?Schedule E is not checked for basis.Do boxes 16 and box 21 need data? what box is the difference on 1120S? Turbotax apparoved asis