As an S-Corp member, I must file Form 7203. While TurboTax Deluxe Desktop tells me I need to fill out the form and opens a mini window for me to enter the information, most of what is on that form comes directly from the Schedule K-1 (Form 1120-S) that I entered, but I have to enter it again and TT doesn't validate that what I put into the 7203 matches what's on the K-1. To make matters worse, Line 8a of form 7203 is protected because the value is pulled from another place, but it is not pulling from where the IRS says it should. According to the IRS Instructions for Form 7203, Line 8a should come from Schedule K-1 (Form 1120-S), box 16, code C. However, TurboTax Deluxe Desktop does NOT use this number from the K-1. After much research online, I realized that I had to either override that field or put the number into Line B, Nondeductible expenses of the "Stock and Debt Basis Limitations Smart Worksheet" and it will get pulled into Line 8a.
Anyway, will TurboTax ever support automatic completion of this form? It seems pretty straightforward to me.
Sorry for the rant,
Rich
