Form 7203

Forum|Forum|3 years ago
February 22, 2023
1 reply
7 views

My wife paid an accounting firm to do her business taxes. I received a K-1form from them. In turbotax, on Form 7203, the software will not let me enter data provided by the accounting firm.

Monikak11

Level 2

Form 7203 is used to calculate any limits on the deductions you can take for your share of an S corporation's deductions, credits, and other items. For example, your deductible loss generally can’t be greater than the cost of your investment (stock and loans) in the S-Corp.

You must complete and file Form 7203 if you’re an S corporation shareholder and you:

are deducting an S-Corp loss (including a prior year loss disallowed due to basis limitations)
received a non-dividend distribution from an S-Corp
disposed of S-Corp stock (regardless of whether a gain was recognized)
received a loan repayment from an S-Corp

If any of these situations apply to you, TurboTax will create Form 7203 on your personal return and perform limited calculations based on your entries in the Schedule K-1 section.

Refer to the IRS instructions for help in completing this form.

See this help article for information on Form 7203.

See this help article for entry instructions for Schedule K-1 information for TurboTax Online and TurboTax Desktop.

Dkranz007Author

Level 2

Turbotax does not allow me to finish filling out the form. Specifically line 11. according to the accountant's form, line 11 has 3273, line 14 is 3273 and line 15 is zero, but I cannot enter those figures.

RobertB4444

Level 15

When you enter the information from your K1 into your tax return then the system will generate and fill out form 7203 for you. You should check your entries for the K1 if that isn't happening the way that you want.

@Dkranz007

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