Federal 2011: General Business Credit Carryovers
Taxpayers may be eligible to receive a General Business Credit for certain development, rehabilitation, and other business activities. This credit is not refundable and is available only to reduce income tax liability, with any unused portion carried to the next tax year.
Certain customers, who had an unused General Business Credit in 2011, may have an incorrect amount for next year’s 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 February 23, 2012 AND
- You filed a federal Form 3800, General Business Credit AND
- On your Form 3800, you had an amount on ANY of the following lines:
- Part I, Line 6
- Part II, Line 25
- Part II, Line 26 AND
4. Your Form 3800, Part II, Line 38 amount field is BLANK (not $0, but blank)
If you are affected, you may have an incorrect General Business Credit carryover to next year. You may 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: GBC Carryover.