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- Re: Form 7203
Form 7203
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tscott1205
Level 4
3 weeks ago
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I have $840 on line 32 section C (reportable gain). Is this taxable, if so why does Proseries not take it to the appropriate line on the 1040?
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abctax55
Level 15
3 weeks ago
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Gains due to distributions (or loan repayments) > basis have to be entered in the input area to produce F 8949/Sch D (I don't speak PS, I'm a Lacertian). Not even Lacerte carries the computation from F 7203 to the Form 1040.
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TaxGuyBill
Level 15
3 weeks ago
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Unfortunately, ProSeries only treats Form 7203 as an informational form to send to the IRS. It does not "carry" anything anywhere, including not taxing excess distribution and not limiting losses due to Basis. From a functional viewpoint, is it not functional at all in ProSeries.
