A taxpayer has a residential energy credit of $14,233.00. His tax liability is $9,523.00.
Will the energy credit balance be a carryover to the next tax season? If it is, will the tax program automatically calculate it for the taxpayer next year?
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It will carryover until used up. The program will carry it over but I would review the form each year just to be sure it is correct.
That was a great letter to Mr. Rettig, which I saw on Procedurally Taxing, and it must have lit the fire under somebody at the IRS, considering the actual guidance they issued in record time.
Great work, thanks👏
It will carryover until used up. The program will carry it over but I would review the form each year just to be sure it is correct.
Thanks for the quick response.
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