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"You are responsible for keeping the information needed to figure the basis of your stock in the corporation. Schedule K-1 (Form 1120-S) provides information to help you figure your stock basis at the end of each corporate tax year."

Form 7203 is used to figure potential limitations of a shareholder's share of the S corporation's deductions, credits, and other items that can be deducted on their individual return. This form must be filed if the shareholder:

Physical therapists understand that no two athletes are the same - so no two treatment plans should be the same, either...

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Information for Form 7203 is entered on the Basis Wkst and Basis Wkst (cont) tabs of the K1S screen. These entries automatically generate Form 7203 in View/Print mode. Entries are required when a loss is being reported a distribution was received, stock was disposed of, or loan repayment was received. EF Message 5486 generates if you have not entered the required basis information.

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Every individual has their own specific needs and expectations, and we will work with you to reach your goals. See how we can use our therapy approach to get you back on your road to a pain-free and healthy life.

Important  Form 7203 is only generated in a 1040 return, not in an 1120-S return. Drake Software will continue to generate the basis worksheets Wks SBAS in the 1120-S return (if enabled under Setup > Options > Form & Schedule Options) to provide required information to the shareholder, however, the Form 7203 Instructions indicate that the basis should be tracked by the shareholder at the individual level:

Form 7203 replaced the shareholder's basis worksheet (Worksheet for Figuring a Shareholder’s Stock and Debt Basis) in the 1040 return.

Is claiming a deduction for their share of an aggregate loss from an S corporation (including an aggregate loss not allowed last year because of basis limitations),