Get your taxes done using TurboTax

You should delete your Form 7203 and re-enter the information for your basis calculation.  Remember, the basis calculation is for 1 year so you cannot have a gain and a loss in the same year.  To delete the form and re-enter in TurboTax Online please follow these steps:

1. Within your return in TurboTax Online click on Tax Tools in the black menu bar on the left side of the screen.
2. Click on Delete a Form. 
3. Scroll down to your Sch K-1 Wks-S Corporations (Xxxxx) -- Form 7203 and click Delete.
4. Click Federal in the black menu bar on the left side of the screen.
5. Click Edit/Add on the Schedule K-1 line.
6. Progress through the questions for your S-Corp K-1.
7. You will get to the information for your basis schedule (Form 7203) again and you can re-enter the correct information.