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?
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.
@stan3 FYI The 3 dots ... in the top right of your reply/comment/question will allow you to edit what you typed
The more I know, the more I don't know.
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