When will the IRS Form 7203 for software become available? Without it, I cannot file either my business or personal taxes.

[mtzttax]

The revised forms availability list confirms you are correct. I sent the previous version of that list to my fellow shareholders last week where it showed the Form 7203 was for paper filing only. This is a huge relief to all S corporation shareholders who have received distributions, loan repayments, or those who made capital contributions.

Kudos to Turbotax for fixing this but I don't understand why there was no official release from Turbotax acknowledging they were working on this issue. The Form 7203/e-filing issue became obvious to all when the farmers and fishermen couldn't file by March 1st so Turbotax could have eased the anxiety many S corp. shareholders had by simply announcing they were working on it.

Thank you Turbotax!

[Anonymous]

As of Thursday it is still not appearing for me as one of the final forms to file.  TT allowed me to fill out the form, and I see it when I go through the process but then it does not list it as one of the forms to be filed/printed.  Does anyone else have this problem?  I have TT Deluxe.

[Anonymous_]

The form is officially available for either print or e-file, @Anonymous.

If you have an issue with this, you should contact Support.

What is the TurboTax phone number? (intuit.com)

[Anonymous]

Spoke to support and all they could tell me was that maybe TT Deluxe was not updated yet.  But the problem is that the form is there but there is a glitch where the form does not appear in the forms to be filed/printed.  It only appears when going through the process and switching to forms (it's hidden under the K-1 worksheet, sort of like a sub-form of K-1 worksheet).  

[Anonymous_]

If, for whatever reason, the form is not required, it will not appear on that list.

[Anonymous]

So it tells me that this form is required and lists the condition that my return satisfied to necessitate this form (a valid condition), it pops up the form for me to fill out, but then does not list it anywhere.

[Anonymous_]

Do you meet any of the conditions below?

• Are claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed last year because of basis limitations),
• Received a non-dividend distribution from an S corporation,
• Disposed of stock in an S corporation (whether or not gain is recognized), or
• Received a loan repayment from an S corporation.

[Anonymous]

Yes, the condition I meet it "Received a non-dividend distribution from an S corporation,".   TT flags this condition and tells me that I need to fill out 7203.  Tells me it's required because of this condition. Presents this form for me to fill out but does not list it in the end.

[mtzttax]

Turbotax is correct with their advice on filing the Form 7203. I would go to forms view and type in 7203. Open the form and it should prompt you to link it to a K-1. Pick the appropriate K-1 (if you have more than one K-1) and you will then see the Form 7203 appear along with all other required forms.

mtzttax

[Anonymous]

@mtzttax , thank you for the reply.  It looks like form 7203 is already linked to a schedule K-1.  It appears right under schedule K-1 (indented to the right) in the total list of forms for my return.  However, when I go to Print return or Save PDF, it does not list 7203 at all (the form is not part of the list of forms).  And this is the problem.  I'm seeing others on this post are seeing this form on the list of forms to generate, but I am not.  

[Anonymous]

This is what I am NOT seeing.  Not seeing Form 7203 listed here at all.  Not under 'Official forms', not under 'Worksheets', not 'Specific forms'.   I'm only seeing it when I'm in my return and switch to forms - there I see it as a subset of schedule K-1.

[mtzttax]

Have you tried entering in data on the Form 7203? It's possible that if you haven't entered in any data on the form that the program doesn't sense the need to identify fit as an active form. Put some numbers on the form and then see if that activates the form in all views.

mtzttax

[mtzttax]

Remember that the data needed for the Form 7203 has to be obtained from the S corporation. Turbotax personal tax software cannot create the Form 7203 from the Schedule K-1 alone. The K-1 will have some, but not all, of the data that is needed to prepare the individual's Form 7203 form. For example, the K-1 will show the passthrough income and deductions but it will NOT show the shareholder's beginning tax basis. Obtain the necessary worksheet from the S corporation and then enter that data in the individual's Form 7203 and I believe you should see the form fully active. At least I hope so since it worked for me.

[Anonymous]

Thanks @mtzttax .  I will go over the form carefully.  I already filled in the numbers from the worksheet my accountant sent me but wonder if there are other values that I need to fill in like zeros where N/A etc.  Will update here once done.  Thanks again.

[mtzttax]

If you have filled in the Form 7203 with the numbers provided by your accountant then that should be sufficient. You shouldn't have to enter in any zeroes. Have you saved and re-opened the file since you completed the 7203? If you have done both then you should see it in the list of forms to be transmitted via e-file or included in a paper filed return (not that anybody would want to do that these days). I almost exclusive use  Forms view so maybe it's possible that the Step by Step approach shows something different, but I doubt it. Good luck.

In my tax return the Form 7203 does not appear in chronological order. I'm saying this in case you have a complicated return with many forms so be sure to scroll through the entire list of forms to be sent/printed for official filing.

mtzttax