On 1120S, the stock basis report does not show stock basis at the beginning of the year. Is the beginning stock basis the retained earnings amount from prior year?

Why does the TT stock basis worksheet show only the 2022 year’s activity in the stock basis calculation. Or am I calculating incorrectly?

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1 Best answer

Level 15

Jan 26, 2023 7:18:10 AM

You figure your stock basis yourself as TurboTax does not track Form 7203 (which is relatively new).

Regardless, your stock basis at the beginning of the corporation's tax year is the same as your ending stock basis from the prior tax year (which you need to manually calculate).

Level 15

Jan 26, 2023 7:18:10 AM

You figure your stock basis yourself as TurboTax does not track Form 7203 (which is relatively new).

Regardless, your stock basis at the beginning of the corporation's tax year is the same as your ending stock basis from the prior tax year (which you need to manually calculate).

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On 1120S, the stock basis report does not show stock basis at the beginning of the year. Is the beginning stock basis the retained earnings amount from prior year?