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I owned 100 share of ABC Inc S Corp at the end of 2020. I sold 40 shares on 8/1/2021. I know how to calculate cost bases for sold and remaining shares and how to allocate prorated income/distributions/credits to each block of shares. Form 7203 instruction says:
If there is a partial stock sale or partial redemption, you may file more than one form and provide a description of what period the form covers. See Regulations section 1.1367-1(b)(2) and (c)(3) for details.
I have TurboTax Home and Business 2021 installed on Windows 10. After I enter K-1 S Corp (ABC Inc), TT lets me enter information into a single copy of Form 7203. How do I create 2nd copy of 7203 for the same S Corp.
BTW: I am able to create 2nd 7203, but that also creates 2nd K-1 S crop, but I want to create 2nd 7203s for the same ABC Inc S Corp under a single K-1.
I know 7203 is a new form into TT, but I assume TT developers have thought through this need for 2nd 7203 for the same company.
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Thank you for bringing this experience to our attention. We were able to reproduce the outcome you described and will forward the information to our tech support for further investigation.
@PatriciaV any update on the timing of resolution of this issue?
This experience has been reported to our tech support team. No information is available on the investigation until it is resolved. Our recommendation is to file an extension now and check back periodically. We'll provide guidance as soon as we hear from tech support.
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