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Does Form 1120S "S Corporation Shareholder Stock and Debt Basis Limitations Worksheet" go to the IRS?
I realized that messed up the value on line 1 (Stock basis at the beginning of the corporation’s tax year) of the worksheet on the first year I took a distribution several years back. Since the value in line 15 (Stock basis at the end of the corporation’s tax year) gets carried over to line 1 of the following year's worksheet, the stock basis values have been incorrect for several years now.
However, I have been entering the correct values on my Form 7203 that goes with my 1040, which I do know gets sent to the IRS.
I'm hoping that TurboTax doesn't send the 1120S worksheet and that the numbers on the worksheet do not get carried forward to any other forms.
FYI: I'm the only shareholder/officer/employee of the company.
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February 14, 2025
8:49 AM