2020 Shareholder's Basis Worksheet

Forum|Forum|3 years ago
March 5, 2023
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I need to add the Shareholder's Basis Worksheet to my 2020 1040 Personal tax return.

I have checked the boxes on the Schedule SE, but Turbo Tax is not adding the worksheet, nor asking me what my basis is. How can I add that worksheet to Turbo Tax? (This is pre Form 7203)

TurboTax Home & Biz Windows

Mike9241

Schedule SE on the 1040 has nothing to do with tax basis in an S-corp or even a partnership. there is no tax basis worksheet in the 1040 package. 2021 was the first year it was implemented. you can print the 7203 from the IRS website and fill it out manually so you have the info when you do 2021.

https://www.irs.gov/pub/irs-pdf/i7203.pdf - instructions

https://www.irs.gov/pub/irs-pdf/f7203.pdf - form

sixwiseguys

Thank you, but the Schedule SE Part II, say at the top that "If you report a loss, receive a distribution, dispose of stock...you MUST check the box in column (e) and attach the required basis computation.

I had an online account attempt to do my return for 2020 (oh...my...goodness. I gave up after sending 4 email corrections for his mis-entered information straight off of W-2s, etc, and am back to doing it myself!)

Anyway...he included a "Shareholder's Basis Worksheet", but I can't find one like it anywhere online. I'm tempted to just use white-out on the wrong entries, correct it, and use his form. 😊

swcrazybusyAuthor

Solved!
In case anyone else is looking for the Shareholder's Basis Statement to attach to a 2020 return, or earlier. It is a worksheet that you add off of the K-1 in the TurboTax S Corp Business product!