How do I file 7023 form with my taxes on turbotax?

Forum|Forum|1 year ago
April 6, 2025
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JamesG1

Are you referring to IRS form 7203, S Corporation Shareholder Stock and Debt Basis Limitations?

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aflasher4Author

Yes.

I know I need to complete a separate form I just want to know how I unlcude that in my online turbotax submission when I file.

MayaD

S corporation shareholders use Form 7203 to figure the potential limitations of their share of the S corporation’s deductions, credits, and other items that can be deducted on their individual returns.

Form 7203 appears in the S-corps, Partnerships, and Trusts Income from partnerships, S-corps, LLCs and REMICs near the end where you entered Schedule K-1.

If you’re an S corporation shareholder and you:

are deducting an S-Corp loss (including a prior year loss disallowed due to basis limitations)
received a non-dividend distribution from an S-Corp
disposed of S-Corp stock (regardless of whether a gain was recognized)
received a loan repayment from an S-Corp

TurboTax will create Form 7203 on your personal return and perform limited calculations based on your entries.

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