RETaxAcctBrk
Level 3

Form 7203: 

So after a bit of digging, it appears 7203 is a 1040 form, NOT a 1120s form.  Per the IRS instructions for form 7203: "Who Must File  Form 7203 is filed by S corporation shareholders who;".  Apparently from that reference to Shareholders we need to understand it is a 1040 form.  Otherwise, not a single reference to this being a 1040 form.

And yes, I now see this form in my 1040 software.  It appears all the data from my Shareholder Basis worksheet in my SCorp is flowing into the form.  My Stock Basis figures at the start of the year don't agree, so I will have to figure out the right way to fix that (I know the SCorp is right after auditing). 

Ideally - this will help - just lost 3 hours of my life trying to figure out, with INUIT, why the 7203 was not showing up in my SCorp.  They said "it was not supported / right, it should show up but I can see it does not / the new release supports it reinstall the program", and that was after being escalated 2 levels.

It seems providing clarity in instructions is simply no longer a requirement......Ugh.  Or, they just want to try out the new penalties on Tax preparers...

 

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