My situation is very similar to the one above. I have code V and AC, each referring to statements.
Code V:
Ordinary Income (Loss) -7405
W-2 Wages 61,963
Unadjusted Basis 2950
Code AC:
Gross Receipts 92314
I entered the -7405 for code V and it took me to Form 7203. Luckily the business had included a Form 7203 with my K-1 and so I filled it out in TurboTax accordingly. However, the TT took me to another set of questions and said that I should have a Schedule A that would allow me to answer the questions, but I don't, so I just answered them to the best of my ability. (It never asked my for unadjusted basis) . At the end of all this TT said that I had income from this business in the amount of $0, which doesn't seem right. I suspect it should be -$7405. Any suggestions on where I went wrong or how to fix this?
