This article will help you generate shareholder basis statements that you can provide to shareholders with their Schedule K-1. For information about completing Form 7203, which is produced and filed with the individual 1040, see here.
Starting in tax year 2022, the program will no longer generate basis schedules. Mid-season of tax year 2021, Form 7203 was introduced, replacing the program's produced shareholder basis schedule. You can still force Form 7203 to print for any shareholder on the Sch K Misc screen.
The Shareholders' Basis schedule is used to compute each shareholder's respective basis in the S-Corporation. Use Screen 9 Shareholder's Basis Computation to enter information for this schedule. Refer to Shareholder basis input and calculation in the S Corporation module for detailed instructions.