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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- How do I fill out the NEW 1120S - Shareholder Stock & Debt Basis Limitation Worksheet?
How do I fill out the NEW 1120S - Shareholder Stock & Debt Basis Limitation Worksheet?
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Pat W
Level 3
03-11-2022
07:33 PM
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My most recent update added a new form to the 1120S returns: Shareholder Stock & Debt Basis Worksheet. I'm confident this is connected to the Form 7203, but ProSeries seems to have chosen random numbers for the beginning loan basis and debt basis. There are pre-filled numbers on line 16, column 1 (Debt 1), and on line 21, with a red error on line 23 (debt basis restoration).
These amount seem completely random, and while I can delete them all and clear the errors so I can file the return, I'm not confident that's the best option.
Any suggestions? TIA!!
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