Desktop Form 1120-S: Form 7203 - S Corporation Shareholder Stock and Debt Basis Limitations
Desktop · Written guide Content date 1 min read
Beginning in tax year 2021, Form 7203 replaced the 3-part "Worksheet for Figuring a Shareholder’s Stock and Debt Basis" and its related instructions formerly found in the Shareholder's Instructions for Schedule K-1 (Form 1120-S).
To access Form 7203 for a shareholder in an S-Corporation return (Form 1120-S), from the main menu of the return (Form 1120-S) select:
- Schedule K - Distributive Share Items
- Schedule K-1 Input - Select a shareholder, then click Edit.
- Shareholder's Basis Worksheet (7203) - Complete each section as needed.
See here for information on completing this form in the individual tax return in Tax Processors Plus Desktop.
Additional Information:
IRS Form 7203 - Form lines and explanations
IRS Instructions for Form 7203