Question

Form 7203

Forum|Forum|2 years ago
March 26, 2024
1 reply
0 views

Second request on this issue. Form 7203 will not allow any value on Part 1 Shareholder Stock Sale Line 8a Nondeductible expenses. This causes the stock basis to be incorrect so it won't match the 7203 worksheet supplied by the accountant. Also, in looking back at 2022, I now see that form 7203 in incorrect and when I redid it , the 2022 one would not allow the Nondeductible expenses then either. I assume I will have to amend 2022 taxes?

J

JamesG1

Are you using TurboTax Online?

If so, nondeductible expenses may be entered in the Stock and Debt Basis Limitations Smart Worksheet line B.

Click Refresh Calculations.

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J

jloechlAuthor

Thanks for your help! I am using the desktop version of Premier for Windows, not sure if that makes any difference? I will try to find that worksheet but I am confused as to whether that will correct the end of the corporation's year basis?