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- Why doesn't 1120S Sch K-1 import ordinary income to 7203 line 3a
Why doesn't 1120S Sch K-1 import ordinary income to 7203 line 3a
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Denise G
Level 2
03-30-2022
01:09 PM
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Preparing a 1040 for husband & wife - each own 50% of their S corp.
S corp had income in 2021. There is no suspended loss carryover from prior year.
After importing their K-1s from the 1120S, I was happily surprised to see that the info from their s/h basis worksheets imported directly to the 7203. Here is my problem....all info imported over EXCEPT ordinary business income. Line 3a of the 7203 is blank. Has anyone had this issue?
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dascpa
Level 11
03-30-2022
02:09 PM
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Why doesn't ProSeries do a lot of things. Amazing how many missed little and simple items are not done. Probably because they're programmers and not tax preparers. We could gather a list of a hundred items for them to import/fix/correct. There is a ProSeries Tax Ideas Exchange "suggestion page" you can submit to - look on the home page of this forum site.
