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

Forum|Forum|4 years ago
February 21, 2022
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TurboTax Self Employed Online

Best answer by Anonymous_

@lmr57 Where did you see that the Form 7203 would be available in the Business Edition?

The form is not even listed in the available forms for an S Corp in the TurboTax Business Forms availability website - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotaxbusiness_fed_windows_scorp.html

Additionally the form could never be used with a personal federal tax return Form 1040. Only the Schedule K-1 issued by the S Corp is entered on a personal tax return.

Form 7203 is used to figure potential limitations of a shareholder's share of an S corporation's deductions, credits, etc.

Anonymous_

Level 15

3/31/2022

See https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

lmr57

Level 3

Once the form 7203 is available, will we be able to efile our personal return through Turbo Tax Home and Business?

Lvanann

Level 2

Form 7203 is used to figure potential limitations of a shareholder's share of an S corporation's deductions, credits, etc.

Turbotax is not allowing me to enter my amounts on their pre-filled in boxes for the 7203 form. HELP! Where is TurboTax getting these figures? I did not enter anything from this years S-1.

stonekold1Author

Level 2

replying to my original question, or adding to it. To file my personal taxes, I need to enter K-1, but my accountant cannot provide me my K-1, until they can complete the Form 7203, which they cannot do until the IRS provides their software system with that form electronically. So, for me, I am just using TT for my personal income tax, and my accountant files my business income tax, but again, I cannot file my personal until I include the K-1 info, and that cannot be done until my accountant gets the 7203 form. I was viewing some snarky answers, so needed to clarify my original question. The form is available right now, but not in electronic/software form, and allegedly wont be until March 31st. Typical IRS, they knew about this last year, yet it takes them six months to figure it out, now we all have to file extensions because of their incompetence.