Tax Return Carryovers to 2021

[AON]

I lost a business in 2020. My accountant prepared my 2020 taxes and it included this page

Tax Return Carryovers to 2021

The form states:

4797 2020 SEC 1231 LOSSES SUBJECT TO RECAPTURE RULES AMOUNT 490

4797AMT 2020 SEC 1231 LOSSES SUBJECT TO RECAPTURE RULES AMOUNT 367

8995 TOTAL QUALIFIED BUSINESS LOSS AMOUNT 45,817

CAN I APPLY THIS TO MY 2021 TAX RETURN (IN AN AMENDMENT), AND HOW DO I KNOW HOW MUCH TO APPLY YEARLY

[JaredS_CPA]

Hello AON,

Thank you for participating in our Ask the Expert event today. As to your question, yes, you can include it in your 2021 return. I assume since you had your accountant prepare the retun that you didn't use TurboTax. If so, there is a section where you can enter those carryover amounts and TurboTax will only use what it can. Here is a link that will help you.