S-corp partner. Entered all of the numbers according to the wizard. It says I must do Form 7203 but I can't change anything on the form?

Forum|Forum|3 years ago
March 26, 2023
1 reply
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The wizard says I have a conflict with a small gain from the K-1 line 1 in Part I and can't have a 179 deduction in Part III. But I can't change anything. How do I fix?

TurboTax Premier Online

PatriciaV

Employee

Please clarify if you are trying to make an entry directly into the form or in the box(es) above the form window.

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dolko-comcast-neAuthor

I tried to enter onto the form but could not. I went back to the set of questions I answered that transfered data to the form. It asks me to entered info from the K1 boxes. I did that but now it says I can't show a profit very small) and a "loss" even smaller) in line 47. I can't figure out what to do.

PatriciaV

Employee

If we are talking about Form 7203, Part I Line 1 is your stock basis at the beginning of the year. This number should be positive (no minus sign), as in greater than zero.

Part III Line 47 is a total that includes Line 41 for Section 179 deductions. Column B of Part III shows carryover amounts from last year. If you had a Section 179 carryover, change that number to zero. (The IRS made retroactive changes to Section 179 that may have eliminated your carryover.)

Be sure you are entering numbers in boxes that are highlighted or those with blue numbers. Other areas of the form are locked for manual entry.

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