Get your taxes done using TurboTax

You receive a Schedule K-1 from your S-Corp and if you follow the guidance in the interview questions in the section to enter it, TurboTax handles creating the necessary forms seamlessly. Form 7203 is required for tax year 2022 to report your basis in the S-Corp if it is reporting a loss or if you took distributions from the company.  Again, TurboTax walks you through the entries until you get to the form where you can enter the basis calculations you should have received from the S-Corp via form 7203.  

You may want to delete what you have entered and re-enter it.  To do this in TurboTax Online you can follow these steps:

1. Within your return, click on Tax Tools in the black menu on the left side of the screen.
2. Click on Tools.
3. Click on Delete a Form. 
4. Scroll down to your form and click Delete.
5. Under Federal in the black menu bar click Wages & Income to get back into your tax returns.
6. Using the search bar, type K-1 and select the Jump to link from the search results
   • Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
   • Select Revisit or Start next to Schedule K-1
7. Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
   • Note: You may be prompted to upgrade to Premier, if you're not already using it
8. This will take you to the Schedules K-1 or Q screen
9. We’ll ask some questions about your K-1, and then you’ll enter the data from the form