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Level 2
August 23, 2022
Question

Form 7203

  • August 23, 2022
  • 1 reply
  • 10 views

Hello:

Getting error message "Line 3g cannot have a gain in Part 1 and a loss in Part 111".

1st of all I had my cpa filled out my K-1 and 7203, so I am just typing info manually into TT.

Carrying over from K-1 line 8a net capital gain (long term) to 3g - inputting a positive value.

Carrying over from K-1 line 7 net short term gain(loss) - I have a loss and entering it in part III on form 7203 line 38 as a POSITIVE number as well. all info trues up with CPA inputs and values.

Error in TT? How to resolve?

1 reply

Level 15
August 23, 2022

Check with your CPA again.

 

You are supposed to net Lines 7, 8a, 8b, and 8c on Line 3g.

Level 2
August 24, 2022

So when it says "enter losses in Part III",  then that means if the total summation of all lines (7, 8a, 8b, and 8c), is less than zero, enter that value in Part III. Otherwise Part I. ?

Level 15
August 24, 2022

Yes, I believe that to be the case. 

 

I will page @Rick19744 on this. Form 7203 is a new form.