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Question

No prompt for 7203

Forum|Forum|3 years ago
March 27, 2023
1 reply
0 views

I am in the process of a final return on 1120s. My situation is probably simple compared to most. I can not understand why Turbotax Business is not asking me for the form 7203? I am not required to use the balance sheet section due to income level. At what point should it be asking for 7203?

Really appreciate any help!!

IRS form 7203 is the reporting form required by the IRS to disclose shareholder basis in an S-corporation. This form must be filed on the personal tax return IRS Form 1040 of many shareholders, starting with 2021 returns.

IRS form 7203 is filed by S corporation shareholders who:

Are claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed last year because of basis limitations),
Received a non-dividend distribution from an S corporation,
Disposed of stock in an S corporation (whether or not gain is recognized), or
Received a loan repayment from an S corporation.

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Maxtax899Author

I understand but is turbotax business supposed to generate the form or will turbotax premier when I prepare 1040? Thanks

Employee

Yes, Form 7203 is part of an individual tax return. You'll complete this form when you prepare your 1040 return.

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