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March 16, 2023
Question

Form 7203 with more than three loans

  • March 16, 2023
  • 1 reply
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For S Corp, Form 7203 only has room for 3 shareholder loans, but we have 4 loans. The instructions from IRS say to add a second copy of part II. But, how do I add this to my TurboTax return?

    1 reply

    AliciaP1
    March 17, 2023

    Unless each of your loans has specific terms and a formal note agreement, you should report the loans as an "open account" and consolidate all the info into 1 column.  Mark the open account box under Part II Section A above line 16 for column (a) Debt 1 and enter the totals for all the loans combined.

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