My accountant told me that Turbotax won't adjust taxes for basis upon company sale, and it appears like what he told me is right.
I filled out form 7203 manually, and have 41K in basis, and received 32k in income in my final year of business. That basis should wash the income away, and yet my tax increase from the income has not been washed away, leaving that attributable tax due. I did check the box that said the business was shut down in 2022, which means it should be applying my basis from 7203 to the 1120S somewhere according to my accountant.
Can anyone point me in the right direction to how to pull the Basis from 7203 back in to my final tax return to assure that is being handled properly?
So I followed what my accountant advised, but does anyone know how to then manually get
