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Form 7203

My business's CPA gave me a Schedule K-1 with a completed 7203.  The CPA's 7203 includes a figure for line 8a.  Turbotax, however, will not allow me to enter that information in line 8a.  As a result, my share holder basis, line 15 is wrong in turbotax.  It looks like my only option is to hire a CPA so or complete my taxes by hand.  Is that right?  I must enter this figure, and TurboTax does not allow me to do so.

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1 Best answer

Accepted Solutions
JamesG1
Employee Tax Expert

Form 7203

Report Nondeductible expenses in line B of the Stock and Debt Basis Limitations Smart Worksheet above.  

 

 

The nondeductible expenses will transfer to line 8a or will allow you to make the entry to line 8a.

 

@BRHSBulldog 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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4 Replies

Form 7203

in the Jump To box  type 7203. then double click on it in the listing. then open the form by double clicking on it again.. Near the top you should see stock and debt basis limitation smart worksheet. you'll see a line for non-deductible expense (B) - current year column. that's where it gets entered and will carry to line 8 unless you make the 1.1367-1(g) election. then it carries to line 13.   or go back to the k-1 and click through the screens until you get to the 7203

 

 

 

Form 7203

Thank you for your reply, but this does not work.  First, I cannot find any "jump to" box.  I am using the desktop version.  I was entering my information in TurboTax and one of the screens prompted me to complete the 7203.  It displayed the entire form 7203.  Some of the lines of 7203 TurboTax allowed me to complete, but others I could not.  One of the lines that Turbotax did not allow me to fill was 8a.  What do I do now?  

JamesG1
Employee Tax Expert

Form 7203

Report Nondeductible expenses in line B of the Stock and Debt Basis Limitations Smart Worksheet above.  

 

 

The nondeductible expenses will transfer to line 8a or will allow you to make the entry to line 8a.

 

@BRHSBulldog 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Form 7203

Thank you, James.

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