Why won't Pro Series support Form 7203 for S-corps.?

Forum|Forum|4 years ago
January 14, 2022
14 replies
73 views

This form is required if shareholders are claiming a loss from the S-corp. Received a non-dividend distribution from an S-corp., Disposed of Stock in an S-corp. or received a loan repayment form an S-corp.

This is a necessary form all subscribers need to be aware of this new form!

ProSeries Professional

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Best answer by ihan

Latest Update:

Form 7203 is now available in ProSeries.

Here's an article on How to complete Form 7203 in ProSeries

[edited]

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R

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...

abctax55

Level 15

"....The 7203 is a 1040 form, not an 1120S form."

Jeff's post from four weeks ago....

HumanKind... Be Both

S

steve5

Level 5

The Form 7203 is in the Proseries Professional software. It doesn't carry any of the information from the K-1, but at least it is there.

IRonMaN

Level 15

I must have missed when we shifted gears from 7203 to PTE.

Slava Ukraini!

Jon-L

Level 4

Form 7203 must be attached as pdf to the 1040 per ProSeries 2023 instructions :

1) when trying to attach a pdf of the form to the return it is not on the pull down "type" list ?

2) if I print a pdf copy of the client's return there is a complete Form 7203 as part of the return so why must it be attached as a pdf - which makes me thing that is why it's not on the pull down "type" list?

Is ProSeries aware of this problem ?

F

Frustrated-in-IL

Level 8

I would suggest calling customer service. If someone here says they are aware of it, you may be waiting a long time for a fix which isn't coming.

Since this should be as simple as "it isn't on the pulldown", they should be able to quickly verify that without having you reboot your computer, uninstall and re-install the program, or any other silliness they usually suggest.

Still going to be at least 30 minutes lost on the phone with them.

Jon-L

Level 4

I did call and got the usual "run 'repair updates' ".

It may because the program still says the K-1 input sheet is not final yet? But if the Form appears on the 1040 pdf return as a schedule (nice and complete) I don't know why it would need to be attached also.