Excellent question. If you just leave it alone, no, the 7203 will be wrong (the K-1 amounts automatically flow to the 7203). We also need to manually change the 7203 (they are fully editable fields, so no overrides are needed). It will also need to be manually changed when we enter the allowable losses in the future year.
I need to start mentioning that when I tell people about the manual adjustments due to Basis limits. Thanks.
