Form 3800 Carryforward from K-1: general business credit

Forum|Forum|1 year ago
September 23, 2024
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I have a general business credit carryforward from 2022 to 2023. On the 3800 form, field 4 on my 2023 fed return, the field shows as blank after I enter my 2023 K-1 from the S-Corp. The correct # is $38k or whatever, but Turbotax says I must "override the field" when editing the 3800 form to enter the correct number there. It then says the override will cause problems. If I double-click the field, it doesn't take me anywhere to do the computation. Where else would I enter that credit carryforward? I could just override it, but I'm trying to avoid discrepancies that will trigger an issue down the road. Thanks

S-Corp

Best answer by taheri1

I found the solution.

Please go to "3800 Worksheet" in Forms View. Scroll down almost all the way to the bottom to the section named "Credit Carryforwards and Carrybacks". On lines 1-6, enter the details for your carryforward credit. Once done, you will see the amount reflected in Part IV of Form 3800 and then ripple up to Form 3800, line 4.

No overrides will be necessary.

It worked for me. It should work for you. Good luck.

Anonymous_

Employee

No text available

taheri1

I'm having the exact same issue. Here's what I'm seeing on my end, which is NOT an answer.

The form where it's supposed to be showing your carryover amount and other details is Form 3800 Part IV. I figured this out by reading through all pages of Form 3800 in Forms View and on a desktop version of TurboTax. Instead of performing your override on Form 3800, Part I, line 4, you could populate Part IV (via overrides) which will then ripple through to Form 3800, Part I, line 4. But again, this solution also involves making overrides!

The part that TurboTax was able to handle correctly for me was in the "Carryover Wks", line 18 ("General Business Credit"). The column labelled 2022 does indeed show the correct amount that needs to be carried forward into 2023. Where I think TurboTax fails is what I've described in the previous paragraph.

I'll venture to guess that this is a bug.

Standing by for an expert to chime in.

taheri1Answer

I found the solution.

No overrides will be necessary.

It worked for me. It should work for you. Good luck.

jimr968Author

Yup; that's it! Thanks

Mike9241

you're asking about your s-corp return? if so there is no credit c/f. the credit passes through to the shareholders and they are the ones with the c/f.