Line 8a 7203

Forum|Forum|3 years ago
February 10, 2023
1 reply
15 views

I have $6,128 in line 16C on my K1 (items affecting shareholder basis) AND on my 7203 however I am unable to enter anything in 8a in Turbotax (input inhibited) so my Basis is not being reduced!!

Any suggestions how to resolve

TIA

Best answer by AliciaP1

You need to enter your nondeductible expenses on line B of the Stock and Debt Basis Limitations Smart Worksheet near the top of the form in Forms mode.

To do this in TurboTax Desktop you can follow these steps:

Within your tax return use the Forms icon at the upper right of the screen to switch to Forms mode
In the left-hand menu click Form 7203
In the preview window, scroll down to Stock and Debt Basis Limitations Smart Worksheet
Enter your 6128 of nondeductible expenses in the box on line B under the column Current Year Amount
You can scroll down further and see line 8a is populated

@Imadub

AliciaP1

Level 13

Can you clarify which version of TurboTax you are using to enter this?

@Imadub

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ImadubAuthor

Level 2

Turbo Tax Premier with latest updates

AliciaP1Answer

Level 13

You need to enter your nondeductible expenses on line B of the Stock and Debt Basis Limitations Smart Worksheet near the top of the form in Forms mode.

To do this in TurboTax Desktop you can follow these steps:

Within your tax return use the Forms icon at the upper right of the screen to switch to Forms mode
In the left-hand menu click Form 7203
In the preview window, scroll down to Stock and Debt Basis Limitations Smart Worksheet
Enter your 6128 of nondeductible expenses in the box on line B under the column Current Year Amount
You can scroll down further and see line 8a is populated