48E General Credit Carryback

[user17713795243]

Research is telling me that Form 3468 Part V 48E credits should be able to be carried back 3 years. Is this true? In turbo tax 2024 under Form 3800 carryback I see the option for the Part V carryback identified as 1v, but going past that ( turbo tax 2023, and I presume 2022) there is no 1v available if I try to apply a carryback to those. 

[DavidD66]

I agree, 48E credits are listed in section 6417(b), which makes them eligible to be carried back 3 years. It looks to me like you would have to report them on line 5 of Form 3800.  According to the 2022 instructions for Form 3800, Line 5 is to be used only when amending to carryback credits from 2023.  You have to attach a statement with information about the credit anyway, so that would include the explanation of why the credit appears on line 5.  

[user17713795243]

Thanks, 

From what I have been reading it goes 2025 and then the carryback starts from the earliest year so it would be 2025 > 2022 > 2023 > 2024. So not sure if that impacts your recommendation. 

[DavidD66]

No, it doesn't impact my recommendation.  It looks like the 2022 form has not been updated to accommodate a three year carryback so there isn't a line for a carryback from 2025, just 2023.  Therefore, I don't see any choice other than to put it on line even though it is only for use when amending to carryback credits from 2023.  

[user17713795243]

I am primarily wondering about what to fill in under part 3, by the looks of it 1zz unless someone disagrees

[mukundaa]

I am having same confusion.

2025 has moved the energy credit to part V of 3468.

I can only see it carryback to 2024. The forms of 2023/2022 are not updated, or may be OBBBA changes have restricted to carryback of only 1 year. 

There are quite some changes seen due to the move from part VI of 3468 to part V.

Biggest problem that I see is  part V credit is not able to offset AMT/TMT, which previously part VI was able to .

Even if I carryback to say 2024, it hits AMT/TMT issue and is not able to offset it .

What I understand is the new 48E tax credit is not a specified credit, so it cannot offset AMT.

The previous 2024 credit was 48 and was a specified credit. 

This is a very big issue.  Any clarity on this ?