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.