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Drawing a blank! New client I am having to manually enter her info. She has Federal Carryover to 2019 of Deductible SALT. Where do I enter this amount?
Thanks in advance!
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Are you sure about that carryover?
Slava Ukraini!
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Me too... the return I'm trying to finalize would have a carryover of over $ 400,000 IF there is one.
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I think that goes on form SOL.
Slava Ukraini!
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Do you mean 2018 state tax balance due paid in 2019?
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No. This is SALT carryover that was in excess of $10,000 in previous years.
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On the General Information sheet from 2018 tax return:
Carryovers to 2019
Federal Carryovers
Deductible State and Local Taxes $3,259
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That is "NOT" excess of SALT.
That is state tax paid in 2019 FOR 2018 - usually the 4th estimate for 2018 paid in Jan 2019, or the amount owed for the 2018 return paid in April 2019.
It has absolutely nothing to do with the $ 10,000 SALT limitation. IF the amounts match, it's one of those odd coincidences that occasionally happen.
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She didn't pay any state tax for 2018 in 2019 - so that's not it.
Thanks anyway, got my answer from an local CPA friend.
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I'm curious - what was the answer?
Slava Ukraini!
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Me too.... "cuz there isn't a SALT carryover, local answer non-withstanding.
I'd hate for future searchers to see this & be confused.
Altho - I can't think of ANY way to easily make Lacerte take more than $ 10,000, as long as the PEBKAC doesn't exist.