FORM 7203 HELP

Forum|Forum|4 years ago
March 27, 2022
1 reply
9 views

The latest update now includes the blank worksheet and provides it to fill out in TT Advantage Premier at the end of Editing of your K-1. It is assigned to the correct K-1. However it doesn't show in a printed copy or saved (PDF) of the of the 7203 with filed return. Does this indicate I don't need to file it, I doubt it. So than how this to be done? Will TT "fix" and allow for this form to be included with e-file or a least be able to print it?

Best answer by PatriciaV

Yes, if you are required to file Form 7203, it will be included with your return. You might check again after running update.

Note that Form 7203 is required to be 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),
Received a non-dividend distribution from an S corporation,
Disposed of stock in an S corporation (whether or not gain is recognized), or
Received a loan repayment from an S corporation.

TIP: It may be beneficial for shareholders to complete and retain Form 7203 even for years it is not required to be filed, as this will ensure their bases are consistently maintained year after year.

PatriciaVAnswer

Level 15

Yes, if you are required to file Form 7203, it will be included with your return. You might check again after running update.

Note that Form 7203 is required to be 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),
Received a non-dividend distribution from an S corporation,
Disposed of stock in an S corporation (whether or not gain is recognized), or
Received a loan repayment from an S corporation.

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taxskeptic

Level 2

I appreciate your comment.

I filed an extension and am just getting to this now.

In all my years of using Turbo Tax this is what happens: I input information from the tax forms I'm provided from various sources, and Turbo Tax generates my return. This is what keeps me coming back to the service.

Now, however, this form 7203 has come up and is not being prefilled. How do I get Turbo Tax to automatically prefill this form?

Unfortunately, I do not have the expertise to make heads or tails of the form, and the IRS instructions are terribly confusing. It seems as if I need to hire a tax expert to fill this out for me, but if that's the case, then why wouldn't I just have that separate tax expert do all of my taxes, and not use Turbo Tax?

Thanks in advance for any reply.