No prompt for 7203

[Maxtax899]

I am in the process of a final return on 1120s. My situation is probably simple compared to most. I can not understand why Turbotax Business is not asking me for the form 7203? I am not required to use the balance sheet section due to income level. At what point should it be asking for 7203?

Really appreciate any help!!

[JamesG1]

IRS form 7203 is the reporting form required by the IRS to disclose shareholder basis in an S-corporation. This form must be filed on the personal tax return IRS Form 1040 of many shareholders, starting with 2021 returns.   

IRS form 7203 is filed by S corporation shareholders who: 

• Are claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed last year because of basis limitations), 
• Received a non-dividend distribution from an S corporation, 
• Disposed of stock in an S corporation (whether or not gain is recognized), or 
• Received a loan repayment from an S corporation.

@Maxtax899 

[Maxtax899]

I understand but is turbotax business supposed to generate the form or will turbotax premier when I prepare 1040? Thanks 

[PatriciaV]

Yes, Form 7203 is part of an individual tax return. You'll complete this form when you prepare your 1040 return.

[Maxtax899]

Thank you PatriciaV 

That is exactly what I needed to know. I hope that Turbotax Premier supports that form this year? Or can I attach a PDF copy to my 1040?

Thanks

[Rick19744]

While TT supports the form, there are many manual input areas.