Question

How do I know if I had a Carryback Adjustment?

Forum|Forum|3 years ago
March 28, 2023
1 reply
0 views

TurboTax is asking:

Do you have a 2021 carryback adjustment?

How do I know if I have one and where would I look?

Thank you

In all likelihood you did not have a 2021 carryback adjustment. The best thing to do here is just answer no and continue on. I am including a link below from someone else who posed the same question. Be advised that one of the respondents was a bit terse but that does not take away from the fact that you should just answer no.

The adjustment generally pertains to foreign tax credits from prior years.

What is a carryback adjustment?

@hellotax1111

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H

hellotax1111Author

Thanks @JosephS1

Yes I actually had seen that post but it didn't explain the reasoning of how to verify how to determine if a carryback adjustment is needed. That is why I was asking for a more thorough answer.

Would you have any thoughts on that?

T

ThomasM125

An adjustment would be necessary if the amount you orginally entered for foreign taxes changed for some reason, for instance if you were assessed more taxes or received a refund of taxes you entered previously on your tax return.

Here is the explanation given in TurboTax: