I am the sole owner of an S-Corp in business since 2020. I've used Turbotax Small Business to file corporate taxes and issue the K-1. I've used Turbotax Online personal to do personal taxes. This is the first year that Turbotax Online personal has prompted me to complete a 7203. In 2023 and prior years the company made a non-dividend distribution. If I am interpreting what I've read in other posts in this form correctly, then:
1. That I have not filed a 7203 in prior years is not a problem, but I need to file it for 2023.
2. Quickbooks is essentially worthless with regard to this form, simply providing a blank form to complete (which one could do with the IRS pdf, miserable product functionality if so)
3. I need to create a 7203 for each year my business has existed for my own records and for a starting point for the 2023 filing.
Am I correct with all 3 of the above?
