Line 8a 7203

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

349

1 Best answer

Expert Alumni

Feb 10, 2023 2:02:43 PM

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

Expert Alumni

Feb 10, 2023 1:17:00 PM

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

@Imadub

Level 1

Feb 10, 2023 1:36:38 PM

Turbo Tax Premier with latest updates

Expert Alumni

Feb 10, 2023 2:02:43 PM

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

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Line 8a 7203