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This is a really complex area that trips up a lot of S-corp owners! Based on what you've described, here are some key points to help clarify: 1. **APIC withdrawals are distributions**: When you take back part of your APIC contribution, it's treated as a distribution for tax purposes, even though you're "just taking back what you put in." This goes on Schedule K-1 with Code D. 2. **Your basis calculation looks correct**: With $54k APIC + $1,350 profits - $27k distribution = $28,350 remaining basis. No capital gains tax since you didn't exceed your total basis. 3. **APIC reporting**: APIC doesn't appear as a line item on Form 1120-S itself - it shows up on Schedule L (balance sheet) as part of paid-in capital. Many preparers attach a supplemental statement detailing APIC changes. 4. **M-2 vs basis**: M-2 tracks the Accumulated Adjustments Account (AAA), which can go negative, but that's separate from your personal basis calculation on Form 7203. 5. **Bank vs basis**: Your bank account balance and tax basis will almost never match - they're completely different concepts. The key thing is proper documentation and consistent treatment. Form 7203 was specifically created to help with these basis tracking issues that were causing so many problems. Make sure you're maintaining good records of all contributions, distributions, income, and losses to support your basis calculations.
This is exactly the comprehensive breakdown I needed! Thank you so much for clarifying that my basis calculation is correct - I was really worried I was missing something fundamental. One follow-up question: you mentioned that many preparers attach a supplemental statement for APIC changes. Is this required, or just best practice? And if it's recommended, what should that statement typically include? I want to make sure I'm documenting everything properly to avoid any issues down the road. Also, regarding Form 7203 - since this is relatively new, are there any common mistakes people make when filling it out that I should watch out for? I want to make sure I'm tracking my basis correctly going forward.
Great question about Form 7203! As someone who's helped several S-corp clients navigate this relatively new form, here are the most common mistakes I see: **Common Form 7203 Mistakes:** 1. **Starting basis errors**: Many people only include their initial stock purchase but forget to add APIC contributions made in the same or prior years. 2. **Mixing stock and debt basis**: Loans to the corporation create debt basis, which is tracked separately from stock basis on the form. 3. **Income/loss timing**: Make sure you're using the correct year's K-1 amounts - income increases basis, losses decrease it. 4. **Distribution ordering**: Distributions first reduce stock basis to zero before affecting debt basis. **Regarding supplemental APIC statements:** It's not strictly required by law, but it's definitely best practice and many preparers do it to create a clear audit trail. The statement should include: - Beginning APIC balance - Additional contributions during the year (with dates) - Any withdrawals/returns of APIC (with dates) - Ending APIC balance - Brief description of each transaction This documentation becomes crucial if the IRS ever questions your basis calculations. Since S-corp basis issues are a hot audit topic right now, having clean documentation can save you a lot of headaches later. The fact that you're asking these questions shows you're thinking about this correctly. Many S-corp owners don't realize the importance of proper basis tracking until it's too late!
This is incredibly helpful, thank you! I'm definitely going to create that supplemental APIC statement - better to have too much documentation than not enough, especially with the IRS focusing more on S-corp compliance lately. Your point about starting basis errors really resonates with me. I think a lot of people (myself included initially) think of basis as just their original investment, but it's actually much more comprehensive. The fact that APIC contributions increase your basis is crucial for understanding how much you can distribute without tax consequences. One thing I'm still wrapping my head around - when you mention "distribution ordering" where stock basis gets reduced to zero before debt basis is affected, does this mean if I have both stock basis from APIC and debt basis from loans I made to the company, and I take a large distribution, it would first exhaust all my stock basis before touching the debt basis? And would this affect how I report things on the K-1 or is it just an internal calculation for basis tracking? Also, do you happen to know if there are any good resources or guides specifically for Form 7203? Since it's relatively new, I'm finding it hard to locate comprehensive guidance beyond the basic IRS instructions.
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Two weeks is still within the normal range! I'm a CPA and see this anxiety every tax season. Indiana is actually pretty reliable with their 10-14 business day window. If you e-filed with direct deposit, you should see it any day now. The state system updates overnight, so check first thing in the morning. Hang in there!
Thanks for the reassurance! As someone new to Indiana taxes, it's really helpful to hear from a CPA that this is normal. I'll try to be more patient and check tomorrow morning. Really appreciate the professional perspective!
I'm in a similar situation - filed my Indiana return 10 days ago and keep obsessively checking the status page! Good to know from the professionals here that 2 weeks is totally normal. The waiting game is the worst part of tax season honestly. Hope we both get our refunds soon! 🤞
Same here! Filed 9 days ago and refreshing that status page like every hour 😅 The anxiety is real when you're waiting for money to hit your account. At least we know we're not alone in this waiting game!
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I'm in the same exact situation! Filed through TurboTax in early April, got my federal refund last week, but Indiana is still showing "processing" on their website. It's really frustrating not knowing when to expect it, especially when you're counting on that money. Based on what everyone is saying here, it sounds like 3-4 weeks after federal is pretty normal for Indiana this year due to their new fraud prevention measures. I'm trying to be patient but it's hard when the status updates are so vague. Hopefully we'll both see movement soon!
I'm going through the exact same thing! Filed in early April, got federal about a week ago, and Indiana is still stuck on "processing." It's so frustrating when you need that money for bills or other expenses. From reading through all these comments, it seems like the 3-4 week delay after federal is unfortunately the new normal for Indiana this year. At least we're not alone in this - sounds like tons of people are experiencing the same delays. I'm trying to just check the website once a week now instead of obsessively checking daily since it doesn't seem to update much anyway. Fingers crossed we both see some movement soon!
I'm experiencing the exact same thing! Filed my taxes through TurboTax in early April, received my federal refund about a week ago, but my Indiana state refund is still showing "processing" on their website. It's reassuring to read through all these comments and see that so many others are dealing with similar delays - at least we know we're not alone in this situation. From what everyone is sharing here, it sounds like Indiana has implemented additional fraud prevention measures this year that are causing these 3-4 week delays after receiving federal refunds. The waiting is definitely frustrating, especially when you're counting on that money, but it seems like most people are eventually getting their refunds processed. I'm going to try to be more patient and maybe check the status less frequently since it doesn't seem to update very often anyway. Thanks for posting this question - it's really helpful to hear everyone's experiences and timelines!
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Hey all! Quick question - I'm using TurboTax Business to file my 1065 for my real estate LLC. Anyone used it for property transfers? It's asking me for "basis" and "fair market value" separately, and I'm not sure if I'm supposed to be entering the full property value or just my equity portion.
I used TurboTax Business last year for this. For "basis," enter your adjusted basis in the property (usually purchase price plus improvements minus depreciation taken before the transfer). For "fair market value," enter the current value of the property at time of transfer. TurboTax will then calculate the correct capital contribution by factoring in the liabilities. Make sure to also enter the mortgage amount in the liabilities section!
I went through this exact same situation last year when I transferred my rental property to my LLC! Here's what I learned after consulting with my CPA: You'll want to use the fair market value of the property ($385k) as your contribution, but then reduce it by the mortgage liability ($210k) that the partnership assumed. So your net capital contribution would be $175k (your equity). A few important tips from my experience: 1. Make sure you document the FMV with comparable sales or a professional appraisal - I used recent comps from my area 2. Don't forget to allocate the mortgage liability among partners on their K-1s (this affects their basis) 3. Keep detailed records of your original basis in the property (purchase price + improvements) for future reference The good news is that under Section 721, this transfer should be tax-free as long as you're receiving partnership interests in exchange for the property. Just make sure to attach a statement to your return explaining the property contribution. One last thing - if you're feeling overwhelmed with the 1065, consider having a tax pro review it before filing. Partnership returns can get complex quickly, especially with property involved!
Clarissa Flair
Protip: If you use Cash App for direct deposit, they sometimes post IRS refunds up to 2 days early. Just switched to them this year and got my refund a day before the official deposit date. Might be worth looking into for next year.
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Caden Turner
•Can confirm. I use Chime and they also post government deposits early sometimes. Got mine 2 days before the IRS date.
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McKenzie Shade
•be careful with those online banks tho... my cousin had his account frozen for 3 weeks when he got his tax refund because it triggered some fraud alert
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Julia Hall
I totally understand your frustration! I went through the exact same thing last year - had a deposit date and nothing showed up in my account. The anxiety of waiting for money you really need is the worst. From my experience and what I've learned, the IRS "deposit date" is really when they send the payment to your bank, not when it actually hits your account. Most banks take 1-2 business days to process it after receiving it from the IRS. Since tomorrow is your scheduled date, I'd give it until Thursday or Friday before worrying. Also, smaller banks often don't show pending deposits at all until they actually post. If you still don't see anything by Friday, that's when I'd start making calls or checking your transcript for any issues. Hang in there!
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