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vscpanm
Level 6
May 24, 2022
Question

S-corp form 7203 error on 1040

  • May 24, 2022
  • 2 replies
  • 12 views

Per the form 7203 instructions, you must enter cap gains in Part 1 of 7203, line 3g, and cap losses in Part III on line 38. If I do that, Proseries gives me an error that I cannot have a gain in part I and a loss in Part III. Is there a solution in the works or should I attach a PDF of the correct version and then net the amounts together in Part I to eliminate the error?

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2 replies

IRonMaN
Level 15
May 24, 2022

I would just net the amounts.  Nobody at the IRS is going to look at what is on the form anyway.

Slava Ukraini!
vscpanm
vscpanmAuthor
Level 6
May 25, 2022

That was my thought exactly, and since the 7203 has to be attached as a PDF anyway, it's just a matter of eliminating the error to efile. Thanks for confirming my thinking. 

IRonMaN
Level 15
May 25, 2022

You betcha!

Slava Ukraini!