yoadrienne6
Returning Member

Form 7203 quick help

Argh... last minute help, please!

I think I understand most of Form 7203.... 2 questions:
1) For Parts 2 and 3 (parts that reflect deb): Should we be putting a "-" sign in front of the amounts? Part 2 is a debt section, so I'm not sure if that will indicate a double negative and therefore calculate it as a +.

2) Part 3, column b instructions: "Enter any loss or deduction items disallowed due to basis limitations in prior years that were carried forward."  How would I know if any amount was disallowed in prior years? On Schedule M-2 of my Tax Return, I've been carrying over our S Corp losses from year to year. I don't know how to determine how much, if any, the IRS didn't allow.

MANY THANKS!!!