Form 7203 conflicting information

[C3inATL]

Whew!  Thanks.  I really hope there is no e-file problem because of Form 7203 the way others say they have had.

CHAMP, tagteam Level 15 an hour ago replied:

According to the forms availability list, e-file with Form 7203 included is supported.

See https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

[chung6]

Hi, 

I have the premier version and the system told me I cannot e-file because it cannot find the attachment of Form 7203 when I tried to e-file earlier today. I googled and found out there were problems before from Turbotax recognizing Form 7203, and I am not sure if that's resolved. Could that be I didn't have the right version? If that's the case, does it mean I can only do mail filing? Thank you.

[DWe]

I also have TT Premier and didn't have any problems filing the return which included 7203.  Assuming you've already updated the program and there are no errors on the form I have no idea why TT says you can't file.  Sorry I can't be more helpful.

[mlohrer]

In the past there have arisen issues related to “Forms mode”’vs “Interview mode” - could that be happening again on this new Form 7203?

Folks who have successfully filed with Form 7203 - how was Form 7203 initially created or opened? Forms mode? Interview mode? 

Thanks

[DWe]

I initially used interview mode, then had to change the input several times to get it right using both forms and interview modes.  The final was checked in interview mode.

[mlohrer]

If discussion on this ensues, there is some possibility TT staff and/or Experts see this and can push for a solution, so a few typical "debugging" tests for those who are having problems:

(1) Does TT report any errors at all when you do a review of the return, prior to trying to e-file?

(2) If you do a "Preview" or "Print Preview" of the return, does the Form 7203 appear in the "printout", or is the "linkage" already broken at the return level, and it's not a function of trying to e-file the 7203 but rather of it not being properly associated with a K-1/company?

(3) What platform are you on - Mac or Windows?

[rivki75]

You said the following:

(2) There are no negative numbers anywhere on the form, so if things are coming up negative the underlying information has been entered incorrectly - I think that is the underlying problem.

I don't get this. The instructions specifically state that negative losses are to be reported in Part III. Line 35 specifically asks for input of losses reported on K-1 line 1. How do you NOT insert a negative number there? The whole point of this form is to determine if basis is enough to allow the deduction of the loss reported on K-1, is it not?

[DWe]

You're right, the TT instructions should be clearer that you input losses as positive numbers.  I had the same issue and once I got rid of the negative numbers the 7203 worked and was accurate.  Try it.

[chung6]

Well, I just ran out of patience and decided to file paper style like we used to do. Just get really tired of keep trying and same message of can’t attached the form popping up on the screen. Hopefully, next year, TT will fix the bugs since this is the first year for 7203 form. I actually have gain on the form, so it’s not the positive and negative number issue for me at least. 

[mlohrer]

You are correct that at least one point is to determine whether regular business LOSS as reported on K-1 line 1 has basis to allow deductibility. 

The IRS constructed the form such that Part III ONLY PERTAINS TO LOSSES, NOT ANY GAIN, and therefore the "logic" used to flow results from Part III presumes the information is entered as a positive number (which will then be SUBTRACTED from basis)...as suggested by others, "try it, you'll like it"...

[Pouvy]

Will TT efile the form 7203 once it is filled out.  I can't get a clear answer anywhere

[tagteam]

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@Pouvy wrote:

Will TT efile the form 7203 once it is filled out.  I can't get a clear answer anywhere

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See https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

E-file is supported.

[C3inATL]

Yes for me today Form 7203 was included in my efile.  Today I also got the note that the FED report was accepted.  Before I filed, I took the advice of a previous responder and created a PDF for Tax Filing.  I could see form 7203 in that PDF document so I was comfortable efiling.  Good luck with yours.  Yes I use TT Premier which had another update today (4/14/2022).

[hsno]

I was finally able to transmit. I went to forms then step by step. Zeroed out 3A and made 47 a positive number reflecting the loss. closed the form and transmitted.  very frustrating but it finally worked