
Generating the 7217 in ProSeries
by Intuit•1• Updated 1 month ago
This article will help you get the 7217 in the partnership, S corporation, or individual tax return starting in 2024. This informational form won't impact the calculations on the tax return but may be required by the IRS. This form isn't automatically e-filed with the return and will need to be included as a PDF attachment. See the IRS instructions for who must file this form.
To generate the 7217 in the 1040 return:
- Open the clients return.
- Complete the 7217 form from the IRS website and save a completed copy as PDF.
- From the E-File menu, select Attach PDF Files.
- Select the Add Attachment button.
- Browse to the PDF created in step 9.
- Under Type column, select Form 7217.
To generate the 7217 in the 1065 return:
- Open the clients return.
- Press F6 to bring up Open Forms.
- Type 7217 to highlight the Form 7217.
- Select OK to create a new copy, enter the copy name and select Next.
- Select which K-1 to link the 7217 to and select Finish.
- Enter the Date property was distributed to partner. You'll need one 7217 for each distribution date.
- Use the QuickZoom to another copy of Form 7217 button to enter additional copies.
- Complete Part I, Aggregate Basis of Distributed Property on Distribution Date.
- In Part II, enter the property that was distributed on the date.
- Make any basis adjustments as needed, such as 732(a)(2) or 732(b). See the IRS instructions for 7217 for more information.
- If e-filing: Print the completed 7217 to PDF. See the Partial selected forms instructions here.
- From the E-File menu, select Attach PDF Files.
- Select the Add Attachment button.
- Browse to the PDF created in step 9.
- Under Type column, select Form 7217.
To generate the 7217 in the 1120S return:
- Open the clients return.
- Press F6 to bring up Open Forms.
- Type 7217 to highlight the Form 7217.
- Select OK to create a new copy, enter the copy name and select Next.
- Select which K-1 to link the 7217 to and select Finish.
- Enter the Date property was distributed to partner. You'll need one 7217 for each distribution date.
- Use the QuickZoom to another copy of Form 7217 button to enter additional copies.
- Complete Part I, Aggregate Basis of Distributed Property on Distribution Date.
- In Part II, enter the property that was distributed on the date.
- Make any basis adjustments as needed, such as 732(a)(2) or 732(b). See the IRS instructions for 7217 for more information.
- If e-filing: Print the completed 7217 to PDF. See the Partial selected forms instructions here.
- From the E-File menu, select Attach PDF Files.
- Select the Add Attachment button.
- Browse to the PDF created in step 9.
- Under Type column, select Form 7217.