Hi. Is there a way to show ending s corp basis after taking excess distributions that get company to 0 this year? TurboTax doesn’t seem to recognize k1 excess distributio

No. TurboTax doesn't automatically handle excess distributions. However, Form 7203 will track your S-Corp basis.

If you received a distribution that was more than your adjusted basis, you have taxable income. In most cases, this is a long-term capital gain, which is reported on Schedule D (as a sale with no basis).

To enter this, open your return and search on "investment sales," then use the jump-to link to go to the start of this section.

1. Choose "Other" and follow the prompts to enter a description (ie: Distribution in Excess of Basis), the amount and the date you received the distribution. 
2. Continue to enter a Cost Basis of zero (because you have no remaining basis) and the date you first invested in the company. 
3. TurboTax will display a summary page that shows how this will be reported on your return.

Thank you so much.  How do you let turbo tax know that your basis is now 0 after closing down the s corp via the k1? I know the amount that is in excess but that automatically calculated form 7203 is not editable? So helpful thanks 

The distributions reported to you with Schedule K-1 should reduce your basis to zero on Form 7203. This amount should appear on Line 6 but enter only as much as you need to bring Line 15 to zero. The excess (as discussed) is capital gain.

If you're using TurboTax Online, you'll need to work in the embedded image of Form 7203 that the program provides for your use. This appears after the carryover entry screens (if any) on a page titled "S Corporation Basis." Use the gray scroll bar within the form to find Line 6.

You can access this using Forms Mode in TurboTax for Desktop.

Follow the instructions on each line, as TurboTax may not update the calculations based on your entries. 

Thank you so much. Super helpful!! Have a good day.