What is the status of Form 7203 for S-Corp shareholders?

Forum|Forum|4 years ago
January 20, 2022
3 replies
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I don't see the new 2021 form 7203, the Stock and Debt Basis calculation form for S-Corp shareholders, in Lacerte or in the Form Status Tool. I see from a Proseries question that form 7203, is being worked on currently as a new form to be part of Proseries. Is this the same for Lacerte? If so, what is the estimated availability date of this form?

Lacerte Tax

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IRonMaN

Level 15

I would guess it would be the same plan, but Intuit doesn't really like to tell you dates for stuff like this ------- they prefer to surprise you.

Slava Ukraini!

PhoebeRoberts

Intuit Community Champion

The IRS only officially released it out of draft status on 1/18.

Lacerte has historically produced a basis schedule with the same information that the 7203 requires, and I expect that in a few weeks or months we'll have a working 7203 in Lacerte.

It's my understanding that ProSeries has not historically provided an automated way to calculate and apply the basis limitations (to the extent that people were using the at-risk form as a workaround). This is brand-new functionality for that program, hence the question.

A

Anonymous

Here is the most recent information about Form 7203 - S Corporation Shareholder Stock and Debt Basis Limitations.

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