How to fill out line 3 on 7203 when I sold all shares and Shedule k-1 has nothing in boxes 1-13?

[bigmyk2k]

I sold all of my S-corp shares this year (changed companies and they don't allow outside shareholders).

My Schedule K-1 has nothing (not a Zero, literally nothing) in lines 1-13.  When I'm filling out mandatory form 7203, it is giving me errors on Lines 3a, 3b, 3c, 3g, and 3h because I entered zero.  It also tells me it is incomplete if I don't enter anything.  Unsure how to proceed...

[AliciaP1]

If you did not contribute to the S-Corp during 2021 or have income that would increase your basis, you should leave the fields blank.  Your beginning basis will be the amount of your basis on 12/31/2020 and if you took a full distribution for selling your shares, you will report that amount in Part III.

See S Corporation Stock and Debt Basis for more information on how to treat your activities.

[bigmyk2k]

I'm not clear on what you're saying to leave blank.  The biggest issue I'm having is that my Sch. K-1 has Box 14 checked (K-3 attached), but all that K-3 has is a series of boxes saying that Part I through Part VII are not applicable.  However, TurboTax won't let me file until I enter information that isn't there.

To be clear, on K-1, Box 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 15 are ALL blank.

Box 14 is checked,

Box 16 has D*, and 2,184.

Box 17 has code V with zero, and AD with STMT.  

So, my income/loss is zero.

TurboTax apparently can't handle this.

[AliciaP1]

Foreign taxes and your basis calculation don't have much to do with each other.

Your K-3 is reporting foreign taxes, but a lot of business didn't realize they shouldn't automatically mark the box and K-1s went out with the box checked and no foreign income or taxes.  If your K-3 says everything is "not applicable" do not mark that you have info in box 14 or that you have a K-3.

You are having to fill out the 7203 because you must have an amount in Box 16 which would be your distribution from selling your shares.  Items that reduce your basis in the S-Corp (because yours is now $0 at the end of the year) go in Part III of your 7203.

@bigmyk2k