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kfrebo
Level 3
April 6, 2026
Question

Basis Limitations

  • April 6, 2026
  • 2 replies
  • 15 views

I've entered information on Form 7203 pertaining to an S corporation, clearly indicating the taxpayer had no basis to deduct any losses in 2025. Form 7203 is linked to the S corporation K-1 input. The entire loss is being deducted on Schedule E Page 2 which I know isn't correct. What am I missing to get this corrected?

2 replies

IRonMaN
IRonMaN
Level 15
April 6, 2026

Enter "zero" instead of the loss on the K-1 worksheet.  The worksheet doesn't talk to the 7203 in ProSeries.

Slava Ukraini!
    K
    kfreboAuthor
    Level 3
    April 6, 2026

    Wow, that's disappointing. Thanks for the response!

      T
      TaxGuyBill
      Level 15
      April 6, 2026

      I agree with the entering zero.  However, if I remember correctly, I think that zero flows to the 7203, so you'll need to enter the 'real' number on the 7203.

        dascpa
        dascpa
        Level 11
        April 7, 2026

        I agree with all the answers listed, but I add one more item. On the K-1 Worksheet Line 1 or 2 (whichever applies) I click on Supporting Schedule. I put in the K-1 number (example: 10,000) and then on the next line: Form 7203 Limitation <10,000> so the net is -0-. That way if I ever lookback at the file it'll help me rember why the K-1 doesn't equal the input screen.

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