Form 7203 line 3a error

Forum|Forum|4 years ago
April 17, 2022
2 replies
15 views

I am having problems resolving what feels like a circular error. 3a states "enter the amount from Schedule K-1 line 1 (enter loss in Part III). My K-1 line 1 is a loss/negative #. But TurboTax won't let me enter a loss in 3a or a 0 because I get the error message "Line 3a cannot have a gain in Part 1 and a loss in Part III."

How do I fix this?

It is the only thing I need to resolve in order to file.

AliciaP1

Level 13

Part I is for the increases, so income, and Part III is for losses. If your basis for 2021 is reduced by a loss, this amount goes in Part III to be calculated.

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bmollo6454Author

Level 2

Hi,

Since I have 0 increase, then 3a should accept a 0, correct?

AliciaP1

Level 13

I'm not certain if it does, but more likely you should just leave it blank.

@bmollo6454

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gte861s

Level 2

I'm having the same issue. Turbotax entered an amount in the "income" gain section (3a) and it entered the same value in the section 3 loss amount. It will not let me zeroize the loss section (there was only a gain for the business)....I cannot file my return. The only section I can edit is line 3a and if I put 0 it also does not work....however, even if it were to accept the zero for 3a....that would be wrong because I had a gain not a loss.

Aggie01

Level 2

If anyone is still having this issue, I found a solution. If you have a gain, make sure that Part III does not have any numbers (including 0's). Also, when you delete the 0's make sure you also delete the decimal point after the 0. Once all of the 0.'s are removed you can recalculate and this error should go away.