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New Member
posted Apr 13, 2022 4:32:04 PM

How do I complete irs form 7203? It is very confusing to me since I am not a CPA. I use Turbo Tax to NOT deal with forms like this.

I have an S-corp. Very small and not doing well. Income was only $800 in 2021. Expenses were $2609. It's pretty simple but I don't understand how to complete this form and don't want to raise red flags.

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1 Replies
Expert Alumni
Apr 13, 2022 5:49:26 PM

You may qualify to file IRS Form 7203.  IRS Form 7203 Instructions page 1 states:

 

Purpose of Form 

 

Use IRS Form 7203 to figure potential limitations of your share of the S corporation's deductions, credits, and other items that can be deducted on your return.

 

Who Must File 

 

IRS Form 7203 is filed by S corporation shareholders who: 

 

  • Are claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed last year because of basis limitations).....