Solved
S-corp Stock basis (Form 7203)
I need to recompute beginning stock basis (1/1/205) which was under-reported by errors (Form 7203). There is no change in tax liabilities for the previous years including TY 2025 resulting from this adjustment. S-corp never incurred any losses. Stock basis has been positive every year after all distributions and any deductible items.
Since 1040 (TY 2025) has been already filed and there is no change in tax liabilities for all years, can I make a correction to FY 2026 attaching supporting worksheet to Form 7203 instead of amending 1040 (TY 2025)?
Appreciate any suggestion. Thanks.
