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Why is TT giving the error of "Form 7203: Line 3a cannot have a gain in Part I and a loss in Part III. Check your entries". I have checked my entries and they are correct

Using the numbers from my K1...the entries are correct. How do I fix an error that doesn't seem to exist?
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1 Reply
JamesG1
Expert Alumni

Why is TT giving the error of "Form 7203: Line 3a cannot have a gain in Part I and a loss in Part III. Check your entries". I have checked my entries and they are correct

Separately figured items of income that are positive are reported in Part I.  Negative amounts are reported in Part III.

 

In TurboTax Premium Online, make sure that you Refresh Calculations at the bottom of the screen.

 

IRS Form 7203 Instructions states:

 

Line 3

Enter on lines 3a through 3m all separately figured and non-separately figured items of income from Schedule K-1 (Form 1120-S). See below for specific instructions.

 

Reminder

Enter only positive amounts from Schedule K-1 (Form 1120-S) on line 3. Negative amounts (decreases to stock basis) are entered in Part III.

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