One big advantage to transferring your prior year data versus typing everything from scratch, are your carryover amounts. For example:
- Carryover losses from your investments,
- Carryover charitable contributions,
- Taxation of state income tax refund (if applicable),
- Adoption credit carryover,
- Foreign tax credit,
- Energy Credit.
- If you have a rental or a business, depreciation and/or unallowed losses.
- It also prompts you for all the information from the prior year so you don't forget to enter something from the current year.
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