I have low-income housing credits generated over multiple years that I have had to carry forward due to tentative minimum tax limitations. IRS Form 3800 instructions state that they can be carried forward for 20 years, but then "may be taken as a deduction in the ...tax year following the last tax year of the 20-year carry forward period." Do I have to get TurboTax to override some sections of Form 3800 in order to finally claim the 20 year old credits in spite of ongoing tentative minimum tax limits?
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
link888888
Level 1
hml4585
New Member
4taxhelp
New Member
x555v
Level 1
Sanbhu
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.