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T-Bird8
New Member

Hello...On my tax form, I have manually reduced my 465(d) carryover as I felt it was too large. Any ramifications over this?

Hello...On my tax form, I have manually reduced my 465(d) carryover as I felt it was too large. Any ramifications over this?

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ToddL
New Member

Hello...On my tax form, I have manually reduced my 465(d) carryover as I felt it was too large. Any ramifications over this?

You won't have any problems from the IRS, since reducing your 465(d) carry-over just means you didn't take that deduction. 

The IRS cares very much that you report all your income, but does not require you to claim any expenses, deductions or credits.

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ToddL
New Member

Hello...On my tax form, I have manually reduced my 465(d) carryover as I felt it was too large. Any ramifications over this?

You won't have any problems from the IRS, since reducing your 465(d) carry-over just means you didn't take that deduction. 

The IRS cares very much that you report all your income, but does not require you to claim any expenses, deductions or credits.

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