What is the form used for?:
- S corporation shareholders use Form 7203 to figure the potential limitations of their share of the S corporation’s deductions, credits, and other items that can be deducted on their individual returns.
Is the form supported in our program? Yes, for years 2022 and above.
How to access the form? To access the form you will need to open a 1040 return on the online/desktop and then go to Add Form/Display then in the look for box type 7203.
Limits to the form: No known limits.
IRS Publication: https://www.irs.gov/instructions/i7203
