Form 7203

[user17694756763]

Turbo Tax accepts all the information for both 50% shareholders in my S Corp that I liquidated in 2025 but it only generates one Form 7203 for one of the shareholders. I'm unsure of how to get it to generate the other Form 7203.

[PatriciaV]

TurboTax will generate Form 7203 for an S corporation shareholder that:

• is 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 the shareholder, TurboTax will create Form 7203. 

Otherwise, you can manually generate Form 7203 in TurboTax Business using Forms Mode: 

Open your S-Corp return and click the Forms icon on your top right menu bar.

1. Choose the Open Form icon and enter 7203 to bring up the form.
2. Click on the form name when it appears, then click Open Form. 
3. In the pop-up window, check the box for Create a new copy and click Next. 
4. Choose the K-1 to which this 7203 applies and click Finish.