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K
ken4
Level 3
February 14, 2024
Question

Single member LLC FILING 1120-S and form 7203

  • February 14, 2024
  • 3 replies
  • 14 views

Is form 7203 required in this situation for the taxpayer?

    This topic has been closed for replies.

    3 replies

    IRonMaN
    IRonMaN
    Level 15
    February 14, 2024

    Yes - if a form 7203 is required for the year

    Slava Ukraini!
      dascpa
      dascpa
      Level 11
      February 14, 2024

      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
        taxiowa
        Level 8
        February 14, 2024

        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.

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