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!