The Form 7203 is filed by the individual S shareholder with their Federal Form 1040 return. The S corporation should provide a tax basis schedule that can be provided to the individual shareholder(s) for use in preparing the actual Form 7203. Turbotax Business now provides the necessary basis worksheet.
Now the most important question is will Turbotax be adding an electronic version of the Form 7203 in the individual tax program and will the IRS's system be programmed in time for it to be received in electronically through e-file? The IRS is now aware of this electronic filing issue at least with respect to farmers and fishermen. See https://www.irs.gov/newsroom/irs-update-regarding-recent-electronic-filing-challenges-in-connection-...
mtzttax
