TurboTax will generate Form 7203 for an S corporation shareholder that:
- is deducting an S-Corp loss (including a prior year loss disallowed due to basis limitations)
- received a non-dividend distribution from an S-Corp
- disposed of S-Corp stock (regardless of whether a gain was recognized)
- received a loan repayment from an S-Corp
If any of these situations apply to the shareholder, TurboTax will create Form 7203.
Otherwise, you can manually generate Form 7203 in TurboTax Business using Forms Mode:
Open your S-Corp return and click the Forms icon on your top right menu bar.
- Choose the Open Form icon and enter 7203 to bring up the form.
- Click on the form name when it appears, then click Open Form.
- In the pop-up window, check the box for Create a new copy and click Next.
- Choose the K-1 to which this 7203 applies and click Finish.
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