Federal 2011: General Business Credit Carry-forward With Eligible Small Business Credit
Taxpayers may be eligible to receive certain general business tax credits for businesses they own, and may carryover these credits to future years. These taxpayers may also be eligible to receive an additional Eligible Small Business Credit for their business.
Certain customers, who had a general business tax credit carryover amount for 2011 and also had an Eligible Small Business Credit, may have filed an incorrect tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed a 2011 federal tax return before April 26, 2012 AND
- You had a federal Form 3800 (General Business Credit), page 3 with a checkmark in Box C of Part III (General Business Credits or Eligible Small Business Credits) AND
- In your TurboTax interview, you indicated that you had an Eligible Small Business Credit
If you are affected, you may have overpaid your federal tax. If so, you will need to amend your federal tax return.
You can make the corrections yourself.
- To do it yourself, please follow these step-by-step instructions.
- After you make the changes to your tax return, you will need to mail a copy of your amended federal return to the Internal Revenue Service.
- Your printed return will include instructions on how and where to mail it.
- If you need assistance, call us at the phone number in the email.
Or let us do the work for you.
- Please download and print this Authorization Form.
- Complete the form and fax it to us at the number printed at the top of the form.
- A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
- You can print, sign, and mail the corrected return to the Internal Revenue Service.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal 2011: General Business Credit Carryover.