My business gave me Form 7203 for Schedule K-1. The copy of Form 7203 that I received has a value in box 8a Nondeductible Expenses. However, I am unable to enter this value in Form 7203 in TurboTax. Please advise.
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Hi @gglockner!
Entries in the K-1 section of TurboTax can indeed be tricky. In this case, when the system opens the 7203 form on your screen, rather than scrolling all the way down to Part I Shareholder Stock Basis line 8a, stop at the Stock and Debt Basis Limitations Smart Worksheet section just under the QuickZoom to the K-1S Worksheet. You can enter the non deductible expenses in field B Non deductible expenses under Current Year Amount and it will flow to Part I line 8a.
If this post answers your question, please give it a thumbs up! Thanks for reaching out!
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Hi @gglockner!
Entries in the K-1 section of TurboTax can indeed be tricky. In this case, when the system opens the 7203 form on your screen, rather than scrolling all the way down to Part I Shareholder Stock Basis line 8a, stop at the Stock and Debt Basis Limitations Smart Worksheet section just under the QuickZoom to the K-1S Worksheet. You can enter the non deductible expenses in field B Non deductible expenses under Current Year Amount and it will flow to Part I line 8a.
If this post answers your question, please give it a thumbs up! Thanks for reaching out!
Thanks to @icalvo for the pointers:
And of course thanks to @carolineb for the quick and correct answer despite my newbie posting mistake.
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