Form 7203 S Corporation Shareholder Stock and Debt Basis Limitations form does not save entered values

[davidmilesfriedman]

I've repeatedly completed this form and it keeps resetting to carry over my loss so it is not allowed this year.

I got all the values from my 1120S form which indicates based on the debt basis that the loss is allowable.

This is very frustrating as TT online does not provide any instructions for the form (they link to IRS instructions, but do not explain or color code cells as in Turbo Tax desktop business for example) and the calculated fields do not populate as values are entered. Even worse, all values I enter are deleted.

There are 2 options below the form: Refresh Calculations and Continue. Upon refresh, the caluculated fields to do not calculate, they erase. I think my problem is coming from Line 47, Col. e, where my loss is flowing to, regardless of whether I change it in Row 35.

So it seems this is coming from somewhere else in my return, although I do not see a way to zoom to that source field. When I press Continue, I get a message that my allowable loss is $0. and my loss is not allowable.

[PatriciaV]

It would be helpful to have a TurboTax ".tax2024" file to test this issue further.

If you would be willing to send us a “diagnostic” file that has your “numbers” but not your personal information, please follow these instructions: 

In TurboTax Desktop, open your return and go to Online in the TurboTax header. (On a Mac computer, choose Share or Help.)

1. Choose Send Tax File to Agent.
2. You will see a message explaining what the diagnostic copy is.  Click Send on this screen and wait for the Token number to appear.
3. Reply to this thread with a screenshot of your Token number (this avoids Community filters for numbers with a dash) and tag (@) the Expert requesting the token from you.
4. Please include any States that are part of your return - this is VERY important.

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution. 

[davidmilesfriedman]

I completed your request yesterday. Please let me know when you have a status update.

[PatriciaV]

Please post a screenshot of your complete token number and your state(s) to this thread, per the previous instructions.

@davidmilesfriedman 

[davidmilesfriedman]

I'm not sure how to post the screen shot here. I see a place for a hyperlink but not an attachment.

[CatinaT1]

You should be able to just copy and paste a screenshot.

[davidmilesfriedman]

Never mind. I see there is a camera icon. Let me try that.

[PatriciaV]

Thank you for the token. Form 7203 for Shareholder #1 has no form errors. Entries in Part III for current year losses/deductions flow to the debt basis as expected. Edits to this information are preserved when the form is closed.

Since you are reporting a loss for the year, the entry in Part III reduces the Shareholder Debt Basis and is not carried over. Because there is no stock basis, the loss is not applied to Part I.

Part III Line 47(d) indicates the loss is allowable, based on the debt basis.

If you were expecting the loss to be reported differently, please provide more info.

[davidmilesfriedman]

The problem is in web based Turbotax when I attempt to enter this info for my personal taxes. The form is locked on carry over/unavailable.

In any event, I went through and figured out how to get this to work. TT was defaulting to say k-1 boxes 17 and 17 were occupied when they were not. By changing the drop downs on susequent screens to de select the code in those boxes (which are empty), it looks like TT is no longer forcing those fields to be occupied.