turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Summary of Form 7203: Please review and manually adjust your K-1 to reflect the allowed losses

Hello and thanks for any help, I'm not entirely sure what I should put in the "K-1 amount to adjust box" supplied by TT...Screen Shot 2024-04-09 at 4.26.07 AM.png

Here is Part III from my 7203....

Screen Shot 2024-04-09 at 4.24.37 AM.png

 

I believe "0" may be correct, but would love confirmation, thank you for your time!

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
JamesG1
Expert Alumni

Summary of Form 7203: Please review and manually adjust your K-1 to reflect the allowed losses

Part III Line 35 reports and allowable current loss of $1,095 and a carryover loss of $1,072 to total $2,167 allowable loss and $0 carryover.

 

I am not seeing this screen in TurboTax Online.  Perhaps, the screen only comes up when your allowable loss is generated from debt basis (d) and not stock basis (c). 

 

View the tax return to verify that the correct value is posted.  See Schedule E, page 2, Part II, under A, B, C or D.

 

View the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies