In 2022 I got the K1 of S-corp with a rental income of $3496 in box 2 of K1. Turbo tax asked me to complete 7203 when I put that number ($3496) in box 2 of K1 in preparation of 1040 of 2022 as I has had some loss in 2021.
After putting all the numbers in stock basis, loan basis, debt basis I had to put $3831 in column 37 b, the loss amount carried over from yr 2021.
This gives the following amount in row 47 (Total loss):
at column 47 b: $3831
at column 47 c: $3496
at column 47 e: $335
Turbotax instructs to change the amount in box 2 of K1 manually and to use negative sign if appropriate.
The instruction is confusing.
Should I use the amount : -$3496(e.g. minus 3496) or 0?
I will appreciate any help.
Thank you.
NI
After I complete 7203 Turbotax asks me to change the amount in box 2 of K1
