rcipullo
Level 2

I have tried to link S corp officers wages screen 10  to the K-1 screen 20.2 in order to take a section 179 deduction for an officer that has current  low basis , carryover losses and other separate carryover  items.  It doesn't work.  I believe the link is for medical insurance  only and not for the SEC 179 deduction  

I can't figure a work around that would just apply the officers wages to the section 179 amount, which I believe is the proper application. Any workaround to increase basis , on screen 20.2 is applied  to all carryovers items on the basis schedule  page 2 of form 7203. I dont think that is correct. Shouldnt it just apply to the SEC 179 deduction ?

With the new Form 7203 requirement for individuals how does one handle the application of wages to section 179 ? and properly reflect page 2 of 7203 ?    

 

 

 

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