topic 48E General Credit Carryback in Business & farm

48E General Credit Carryback

user17713795243 — Wed, 18 Feb 2026 01:58:52 GMT

Research is telling me that Form 3468 Part V 48E credits should be able to be carried back 3 years. Is this true? In turbo tax 2024 under Form 3800 carryback I see the option for the Part V carryback identified as 1v, but going past that ( turbo tax 2023, and I presume 2022) there is no 1v available if I try to apply a carryback to those.

Re: 48E General Credit Carryback

DavidD66 — Tue, 24 Feb 2026 01:15:20 GMT

I agree, 48E credits are listed in section 6417(b), which makes them eligible to be carried back 3 years. It looks to me like you would have to report them on line 5 of Form 3800. According to the 2022 instructions for Form 3800, Line 5 is to be used only when amending to carryback credits from 2023. You have to attach a statement with information about the credit anyway, so that would include the explanation of why the credit appears on line 5.

Re: 48E General Credit Carryback

user17713795243 — Tue, 24 Feb 2026 18:42:43 GMT

Thanks,

From what I have been reading it goes 2025 and then the carryback starts from the earliest year so it would be 2025 > 2022 > 2023 > 2024. So not sure if that impacts your recommendation.

Re: 48E General Credit Carryback

DavidD66 — Wed, 04 Mar 2026 02:06:47 GMT

No, it doesn't impact my recommendation. It looks like the 2022 form has not been updated to accommodate a three year carryback so there isn't a line for a carryback from 2025, just 2023. Therefore, I don't see any choice other than to put it on line even though it is only for use when amending to carryback credits from 2023.

Re: 48E General Credit Carryback

user17713795243 — Thu, 05 Mar 2026 19:27:00 GMT

I am primarily wondering about what to fill in under part 3, by the looks of it 1zz unless someone disagrees

Re: 48E General Credit Carryback

mukundaa — Sun, 08 Mar 2026 06:54:07 GMT

I am having same confusion.

2025 has moved the energy credit to part V of 3468.

I can only see it carryback to 2024. The forms of 2023/2022 are not updated, or may be OBBBA changes have restricted to carryback of only 1 year.

There are quite some changes seen due to the move from part VI of 3468 to part V.

Biggest problem that I see is part V credit is not able to offset AMT/TMT, which previously part VI was able to .

Even if I carryback to say 2024, it hits AMT/TMT issue and is not able to offset it .

What I understand is the new 48E tax credit is not a specified credit, so it cannot offset AMT.

The previous 2024 credit was 48 and was a specified credit.

This is a very big issue. Any clarity on this ?

Re: 48E General Credit Carryback

user17713795243 — Tue, 10 Mar 2026 16:38:50 GMT

Ok, not a tax expert/cpa, I may be wrong but it appears the credit is only eligible for 3 year carry back for "applicable entities" under sec 6417 or by the receiver of your tax credit if it is transferred/purchased under code 6418, otherwise it is limited to general business carryback of 1 year.

Re: 48E General Credit Carryback

mukundaa — Tue, 10 Mar 2026 16:42:17 GMT

Thanks. I did confirm that 48e is listed.

so carryback of 3 years applies.

Next question is are you able to use that credit in form 3800 to capture as business credit ?

I see that the credit hits TMT limit.

Re: 48E General Credit Carryback

user17713795243 — Tue, 10 Mar 2026 16:53:41 GMT

Your saying you confirmed 48e is eligible for 3 year carryback for all business's or that you have a specific situation and you qualify for it?

I too am running into limitations on ability to use the credit, I am not certain if from TMT, passive loss, etc.

Re: 48E General Credit Carryback

mukundaa — Tue, 10 Mar 2026 17:10:18 GMT

What I meant is I confirmed that 48e falls under sec 6417.

which allows 3 year carryback .

The limitation is coming from 3800 form. IRS needs to update it to allow the credits.

currently it is not allowing to use the credits like previous years.

Re: 48E General Credit Carryback

user17713795243 — Tue, 10 Mar 2026 17:35:38 GMT

I am running into an issue with turbotax not letting me efile, saying I need to fill out form 7220 and mail in the return, despite the fact that the exclusion for not filling out the form is met. Have you seen this?

Re: 48E General Credit Carryback

mukundaa — Tue, 10 Mar 2026 17:40:30 GMT

No. I have not tried to file as I will wait for April.

7220 is also not applicable to me either.

You are filing a partnership return ? Which is due march 15 ?

I am trying to claim 48e.

mailing is better as there are statements that need to be attached .

Re: 48E General Credit Carryback

DaveF1006 — Thu, 19 Mar 2026 19:43:12 GMT

You can try this to see if it works.

Open Forms Mode
Delete Form 7220
Delete any “Underpayment Worksheet” or “Annualized Income Worksheet”
Re-run the Federal Review

If the error persists, print and mail the return, leaving Form 7220 out of the return.