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- 1040X Credit Carryback Classify as Non-passive
1040X Credit Carryback Classify as Non-passive
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SL855
Level 3
03-26-2024
12:08 PM
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I have a client with historic rehab credits they are wanting to carry back to 2022. On the 2023 return I was able to get it to show as non-passive because they are real estate professionals, but can't figure out how to show it as non-passive on the amended return with the carryback. Right now all I have done is input on the Credit Carryforward and Carrybacks portion on the Form 3800 Worksheet, so I may be missing something.
I'm also unsure of how account for the amount carried back to 2022 on the 2023 return to reduce the amount that is available for that tax year.
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SL855
Level 3
03-26-2024
03:47 PM
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If anyone ever finds this thread in the future, I believe I figured out the issue on passive vs. non-passive. On line 2 of the carryforwards and carrybacks worksheet, I had put the first Investment (Form 3468 Part II) dropdown. This is listed as 1a for the ProSeries numbering. I should have scrolled down further to Investment (Form 3468 Part III) code 4a in ProSeries.
Still trying to figure out how to reduce the amount of credit available in 2023.
