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Business & farm
I presume -3267 is your ordinary business loss for the year.
Section I of 7203 deals only with ADDITIONS to basis, which would be business income (NOT loss), so enter NOTHING in section I, remove even the entry "0" by deleting it from the 7203 (easy in forms mode, not sure how in interview mode, I don't use that mode), not sure if that is causing an issue as "0" is not a valid "business income" addition to basis.
Section III deals only with LOSSES you are trying to determine the allowability of. Line 35 Column A is a LOSS entry, so enter POSITIVE 3267, as the form PRESUMES that entry to be a LOSS - seems like you understand that.
The above process is how I have completed 7203's with no errors flagged...
‎April 2, 2022
3:36 AM
3,078 Views