This General Business Credits Carryforward section of TurboTax goes back to 1998 when selecting the first year the credit was claimed. If your first year for claiming the low-income housing credit was in 1998, then 2017 will be the last year to claim this credit. You will be able to deduct the remaining credit amount next year. If your first year credit was prior to 1998, you will need to perform an override.
You will need to do this in forms mode. Returns that contain overrides cannot be e-filed. Follow these TurboTax steps below to utilize the override function:
- "Click on the Forms icon in the upper right to switch to forms mode and open the form that contains the line item you want to override.
- Right-click the line item and select Override.
- Enter the value; it will turn red.
- Switch back to the interview by clicking Step-by-Step in the upper right corner.
To reverse the override, follow the same directions except choose Cancel Override in Step 2.
When you run the final review, TurboTax will let you know if there are any overridden values in your return. If there are, you'll get an error message if you try to e-file your return.”
