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Deductions & credits
Hi,
Line 37 on form 3800 is to compare with your company's income (compare Line 29 Income to Line 36 R&D Credit). If your income is negative, your Line 29 should be 0. Then Line 37 should be 0. Hence Line 38 (Credits Allowed for the Current Year) should be 0.
Your question - Where to show you could carry forward the credits? Turbo generates:
Additional information from your 2021 Federal Tax Return
Form 3800: General Business Credit -- Page 1 (Copy 1)
Line 4 Explanation Statement
Current Year General Business Credit Carryforward
You need to type in the total R&D Credits in this narrative box to let IRS know you have accumulated X number of credits to be carried forward to the future.
Hope this helps!
‎April 14, 2022
5:52 PM
2,777 Views