On 1120S, the stock basis report does not show stock basis at the beginning of the year. Is the beginning stock basis the retained earnings amount from prior year?

Forum|Forum|3 years ago
January 26, 2023
1 reply
0 views

Why does the TT stock basis worksheet show only the 2022 year’s activity in the stock basis calculation. Or am I calculating incorrectly?

TurboTax Online

Best answer by Anonymous_

You figure your stock basis yourself as TurboTax does not track Form 7203 (which is relatively new).

Regardless, your stock basis at the beginning of the corporation's tax year is the same as your ending stock basis from the prior tax year (which you need to manually calculate).

Anonymous_Answer

Employee

You figure your stock basis yourself as TurboTax does not track Form 7203 (which is relatively new).

Regardless, your stock basis at the beginning of the corporation's tax year is the same as your ending stock basis from the prior tax year (which you need to manually calculate).