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Deductions & credits
A carryover for one category of income can’t be applied to another category of income. rogge1722 is absolutely correct.
You have to compute your carrybacks and carryovers separately for each separate limit income category.
Sometimes this will result in carryovers you can’t use, but keep in mind the possibility of a carryback, as well.
Please see Carryback and Carryover in the IRS’ 2021 Publication 514 for more information.
March 31, 2022
8:36 AM
948 Views