Form 7203

Forum|Forum|3 years ago
August 30, 2022
2 replies
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I am manually filling out Form 7203 and cannot enter a figure for item 8a, Nondeductible expenses. Not sure why. Is this a field I need to override?

Best answer by Anonymous_

You need to enter the expenses on the worksheet instead of the actual line.

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Anonymous_Answer

Employee

You need to enter the expenses on the worksheet instead of the actual line.

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dmurphy2021

The completed form by the CPA does not have anything in the worksheet. This amount for my K1 should comes from box 16C on the K1 itself. I did try completing the worksheet and it still didn't appear to populate line 8a as mentioned. I can make the form 7203 match my CPA's form from a final standpoint, but I have to modify another line incorrectly to get the math to work and match the basis at the end of the form. TT should have a way to override the line as needed.

Mike9241

hate to say this but the turbotax 7203 is not working

here are two other things

1) if you have distributions in excess of basis the capital gain does not flow to form 8949/schedule D manual entry is required

2) if you have losses in excess of your tax basis Turbo tax will allow them if material participation is checked on the k-1. it should not be allowed. the only way you can limit the allowed loss is by completing form 6198 and checking the box some investment is not at risk. this is even though the 7203 reports the loss on line 35 column E (suppose to be a carryover but if you check page 2 of Schedule E you will see the loss allowed)