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AON
New Member

Tax Return Carryovers to 2021

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

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1 Reply
JaredS_CPA
Employee Tax & Finance Expert

Tax Return Carryovers to 2021

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.

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