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T
tscott
Level 5
August 8, 2024
Question

Form 7203

  • August 8, 2024
  • 2 replies
  • 8 views

I have $840 on line 32 section C (reportable gain). Is this taxable, if so why does Proseries not take it to the appropriate line on the 1040?

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2 replies

abctax55
abctax55
Level 15
August 8, 2024

Gains due to distributions (or loan repayments) > basis have to be entered in the input area to produce F 8949/Sch D (I don't speak PS, I'm a Lacertian).   Not even Lacerte carries the computation from F 7203 to the Form 1040.   

HumanKind... Be Both
    T
    TaxGuyBill
    Level 15
    August 12, 2024

    Unfortunately, ProSeries only treats Form 7203 as an informational form to send to the IRS.  It does not "carry" anything anywhere, including not taxing excess distribution and not limiting losses due to Basis.  From a functional viewpoint, is it not functional at all in ProSeries.

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