Stock Block on Form 7203

Forum|Forum|4 years ago
April 8, 2022
1 reply
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If I have bought S Corp stock at 2 different times, what should I enter in "Stock Block" on Form 7203? Also, do I need to attach 2 copies of 7203? How do I attach the 2nd copy in Turbo Tax?

TurboTax Home & Biz Windows

Best answer by PatriciaV

In order to add a second Form 7203, you must be in Forms Mode (available only in TurboTax CD/Download for Desktop).

Open your return and click on the Forms icon in the TurboTax header.
Click on the Open Form icon above the left column. Type in 7203. Click on the form in the drop-down and click Open Form.
In the pop-up window, click the box for "Create a new copy." Click Next, then enter the name of the S-Corp from the K-1.
Enter a description for the Stock Block on the new Form 7203.
Note that TurboTax will create a new K-1 S Corp worksheet that will have a red exclamation mark in the forms list. Open this form and enter the EIN from the actual K-1. You don't need to enter any additional information on this worksheet. You will see this worksheet in your list of S-Corp K-1s - do not delete.
Choose the new 7203 from the tabs above the large window and complete your entries. You must enter at least one number on this form in order for TurboTax to include it in your return.

PatriciaV

Level 15

The "Stock Block" line is used to identify the batch of stock reported on Form 7203. The description is not important to the IRS, so use something that is useful to you - number of shares, date of purchase, etc.

Since you purchased stock at separate times, you would have one Form 7203 for each batch of stock. Both copies must be provided to the IRS.

Form 7203 is available for e-filing as of April 10, 2022.

[Edited 4/11/2022 | 6:43 AM PDT]

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JRM2022

Level 2

Turbo Tax,

Are you serious that we have to manually print and mail 7203?

How will know IRS know that they need to attached this manual form 7203 to our electronically file return.

Please advise.

Also, why TurbTax developers haven't figured out to electronically file this form?

This is very disappointing.

PatriciaV

Level 15

We have been informed that the tech support team has implemented e-filing for Form 7203. There is no need to mail this form.

I have updated the previous post.

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