Form 7203 Line 8a

Forum|Forum|4 years ago
March 19, 2022
1 reply
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The instructions for Form 7203 in the IRS website asks to enter on Line 8a of Form 7203 amounts from Schedule K-1, Box 16, Code C. I entered the information in my tax return related to this but I can't enter it in Form 7203 and it does not come in automatically. Any idea? Thanks

Rick19744

Employee

A few comments:

This is a brand new form, so I am sure there will be issues in completing this form for the next year or so.
Appears you have read the instructions, at least for line 8a. Are you required to complete this form?
- There could be situations where it is not required; albeit only a few. If this is the case, at least you can move forward this year.
- Having said that, this form provides the taxpayer a consistent format to maintain their tax basis. Whether this form is completed within TT when required, or outside of TT if not required, I still believe it is best to complete it.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

Tony20110Author

Thank you Rick. Yes I am required to file the form. The problem is that Turbo Tax does not allowed to enter an amount in line 8a in accordance with the instructions for Form 7203. I also found that Line 3k in the form should include amounts from K1 from Line 16 Codes A and B, not only A as Turbo Tax has in their form.