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September 23, 2023
Question

Upon review, my Form7203, line 3a is blank while my S Corp made ordinary business income, it is not showing on Line 3a. Looks like a bug to me. How could I fix it?

  • September 23, 2023
  • 1 reply
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1 reply

September 23, 2023

the form does not autofill from the k-1.all lines need manual entry when you get to that section.

 

September 23, 2023

I thought it should be a straightforward autofill. Anyway, I am the online version, could you elevate how to manual entry pls?

September 24, 2023

i use desktop but I think the steps are the same.  note the 7203 who must file

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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so if you have income no carryforward losses and the other 3 items also don't apply, Turbotax will not ask for the 7203 info

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if you need to enter it

Federal taxes tab

wages and income tab

choose what to work on (blue icon)

scroll down to the k-1 section  (update)

schedule K-1 answer yes

select S-corp (start)

select your S-Corp (edit)

continue until you get to the7203 page.