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Cheryl444
New Member

Summary of Form 7203 k-1 Amount to Adjust

I am on the K-1 Screen where it says "Summary of Form 7203". 

Under Ordinary Business Loss it says:

Allowed Loss $22,576 (this is listed as a postive number, exactly as I wrote it here)

And then I can change the K-1 Amount to Adjust. It auto-filled $34,434, which is the Ordinary Business Income off my K-1. Do I leave that? It says "Please review and manually adjust your K-1 to reflect the allowed losses". I am very confused about what number to put in the "Amount to Adjust" box and can't find any helpful explanations online. 

Thanks

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1 Reply
JamesG1
Expert Alumni

Summary of Form 7203 k-1 Amount to Adjust

Does the $22,576 appear on line 47 column C of the IRS form 7203?

 

If it does, is there a carryover amount of $11,858 in column (e)?

 

If you see the $22,576 on line 47 and $11,858 in column (e), you should change the K-1Amount to Adjust from $-34,434 to $-22,576.

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