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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 suppress Form 7203, S Corp Shareholder Basis Limitation, in Intuit?
How do I suppress Form 7203, S Corp Shareholder Basis Limitation, in Intuit?
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mstubbs
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06-29-2023
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George4Tacks
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06-29-2023
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Are you sure you should? Have you read the instructions for 7203?
Who Must File
Form 7203 is filed by S corporation shareholders who:
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Are claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed last year because of basis limitations),
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Received a non-dividend distribution from an S corporation,
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Disposed of stock in an S corporation (whether or not gain is recognized), or
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Received a loan repayment from an S corporation.
It may be beneficial for shareholders to complete and retain Form 7203 even for years it is not required to be filed, as this will ensure their bases are consistently maintained year after year.
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