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ABG_Accounting
Returning Member

How can I apply the new tax law changes in TurboTax Business 2019 Forms?

I want my 2019 Form 1065 to reflect the new tax law changes like repeal of the interest deduction limitation, from the CARES act, but the defaults are still set to limit the deduction.  Is there an override?

2 Replies
VolvoGirl
Level 15

How can I apply the new tax law changes in TurboTax Business 2019 Forms?

Are the  changes retroactive back to 2019?  Or just for 2020?

ABG_Accounting
Returning Member

How can I apply the new tax law changes in TurboTax Business 2019 Forms?

They are retroactive, basically repealing changes made beginning calendar year 2018 for interest expense limitations, NOL carrybacks, bonus depreciation, etc.

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