In TurboTax Premium Online, review the calculations at the screen S Corporation Basis (IRS Requirement).
IRS form 7203 maintains the basis computation. Your basis in the business must offset the loss before the loss may be taken on your personal 1040 income tax return.
A business loss is reported on line 11 in Part I.
@flmgrip
[Edited 03/03/25 | 7:07 pm PST]
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