ken4
Level 3
02-14-2024
01:03 PM
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Is form 7203 required in this situation for the taxpayer?
dascpa
Level 11
02-14-2024
01:18 PM
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I assume your client filed a proper S election to be taxed that way. Form 7203 is just a basis statement. It should be calculated every year, but it's real use is when there is a basis limitation.
taxiowa
Level 9
02-14-2024
03:33 PM
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For some reason even though the 7203 is in the return you have to attach it via .pdf to the file. And this year there is no choice for 7203 in the .pdf options. Program says to choose 7203 in the options but it doesn't exist. 7206 does exist as an option but that form is a part of the return and does not need to be attached. Me thinks Intuit got confused between the 2 numbers for attachment.