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Get your taxes done using TurboTax
If you have an entry for distributions on line 16 D, you are required to complete Form 7203, even if you believe the distributions are actually dividends.
Did you receive a 1099-DIV reporting the same amount?
If you did, you need to get the company that completed your Schedule K-1 to make a correction and remove the amount from line 16 D.
The purpose of Form 7203 is to calculate whether you have enough basis to receive tax free dividends (or distributions) from the organization.
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March 30, 2022
5:57 AM