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    Form 3800 carryover

    stan3
    Level 1
     
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    4 Comments 4
    stan3
    Level 1

    we have a client that had a $7,500 general business credit for 2018. It appears as though they received the entire amount of the credit in 2018. yet the diagonstic shows they have a carryover. Car cost was $40,000, and the $40,000 is showing as a carryover to 2019?

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    stan3
    Level 1

    How can there be a carryover of a general business credit, if the entire amount of the credit passes through to the taxpayers 1040 and was used in full? The diagnostic says the credit is limited to the minimum tax, but  the taxpayers regular tax was the higher amount used to prepare the 2018 return, less the general business credit.

     

    Help.

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    sjrcpa
    Level 15

    2018 tax less the credit was higher than taxpayer's 2018 AMT?

    If you are convinced 2018 tax return was correct and there is no credit carryover, then delete the carryover in 2019.


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    sjrcpa
    Level 15

    @stan3 FYI  The 3 dots ... in the top right of your reply/comment/question will allow you to edit what you typed


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