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When should I file Form 7203?

SOLVEDby TurboTax43Updated April 11, 2022

Form 7203 is used to calculate any limits on the deductions you can take for your share of an S corporation's deductions, credits, and other items. For example, your deductible loss generally can’t be greater than the cost of your investment (stock and loans) in the S-Corp.

You must complete and file Form 7203 if you’re an S corporation shareholder and you:

  • are deducting an S-Corp loss (including a prior year loss disallowed due to basis limitations)
  • received a non-dividend distribution from an S-Corp
  • disposed of S-Corp stock (regardless of whether a gain was recognized)
  • received a loan repayment from an S-Corp

If any of these situations apply to you, TurboTax will create Form 7203 on your personal return and perform limited calculations based on your entries. Refer to the IRS instructions for help in completing this form.

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