Good afternoon!
I worked with CPA last year, and this year I've decided to come back to TurboTax for my tax filing. In 2021, I had a carryover from business R&D Credits that I was wanting to apply to this year's filing; unfortunately, after filling out the Form 3800 details within TurboTax, I'm receiving a message within TurboTax saying:
"Based on your entries so far, your general business credit allowed this year is zero and you have an unused credit of $19,443. You can carry back your current year credit to last year's return for possible use there..."
I'm a little confused what this is referring to. From 2021, I had a fairly substantial credit to be carried over to 2022 due to federal and state credit limits (meaning that these values would carry over to 2022). I am not sure why TurboTax is indicating that I am allowed zero credits for this year. The only thing that I can think is that TurboTax doesn't have a history of my Form 3800 and Form 6765 from last year as a reference, and as such it doesn't know what to do how or to attribute my Form 3800 documentation.
I'd love to hear from any of you that may have some insight into this Form 3800 limitation, and maybe suggestions for how it may be remedies so that I don't lose this credit in moving back to TurboTax?
