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S-corp basis information not importing corrected when "importing S-corp K1"

Level 4

This may have been discussed already, but I didn't see it on the search function.  As of today, 3-25-2022, when importing K-1 information into a 1040, not all the information pulls into the form 7203.  Mainly the line 3a, ordinary business income has to be manually entered for the basis to have the correct ending basis.

Maybe this will be updated later, but always make sure imported numbers go to the correct place!

1 Comment 1
Level 4

Up until at least august 15th of 2023, all the loan balance and basis information imported over to the individual returns for us.  Now suddenly, on September 29th of 2023, only limited parts of the Form 7203 debt basis information is importing.  the answer I got after almost two hours on hold (no fault of the person trying to act as intermediary between higher up support) was that this must no longer work.  I would hope they would restore this essentially functionally it of the program.

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