Carryovers - Any Comprehensive Guides Out There?

[DebitThatCreditThis]

Does anyone have a resource / "for dummies" guide to carry overs? Every time I get a prior year tax return I struggle with finding all the carryovers and entering them into the tax software appropriately.

Sadly, my current firm is severely lacking in the training department so I need to fill in some major gaps here.

[Rapid Robert]

I'm pretty sure you won't find a global carryover guide, as there are so many and the rules for each vary so much. Here are some carryover amounts that you have to pick up from a properly prepared prior year return (and this is just for individuals, the various entities or businesses will have their own additional items):

• depreciation
• refund applied to estimates
• capital loss (short and long term both regular and AMT)
• ISO basis for AMT
• Trad IRA basis
• Roth IRA contribution and conversion amounts
• suspended passive losses
• nonrecaptured Sec 1231 gain
• minimum tax credit
• investment interest expense unused (regular and AMT)
• amortized mortgage points
• charitable contributions above AGI limit
• OIH unused
• Residential energy efficient property credit
• QBI loss
• QBI REIT income and PTP loss
• General Business Credits (Form 3800)
• NOL

Instead of a guide, what you need is for the prior year preparer to have used a high quality professional software that prints out reports of such carryforwards. Mine does (UltraTax). Once you have the info (that is the hard part), yes you need to know your software well enough to be able to enter the data, but that info is going to come from your vendor and/or other users.

[DebitThatCreditThis]

I'm pretty sure you won't find a global carryover guide, as there are so many and the rules for each vary so much. Here are some carryover amounts that you have to pick up from a properly prepared prior year return (and this is just for individuals, the various entities or businesses will have their own additional items):

• depreciation
• refund applied to estimates
• capital loss (short and long term both regular and AMT)
• ISO basis for AMT
• Trad IRA basis
• Roth IRA contribution and conversion amounts
• suspended passive losses
• nonrecaptured Sec 1231 gain
• minimum tax credit
• investment interest expense unused (regular and AMT)
• amortized mortgage points
• charitable contributions above AGI limit
• OIH unused
• Residential energy efficient property credit
• QBI loss
• QBI REIT income and PTP loss
• General Business Credits (Form 3800)
• NOL

Instead of a guide, what you need is for the prior year preparer to have used a high quality professional software that prints out reports of such carryforwards. Mine does (UltraTax). Once you have the info (that is the hard part), yes you need to know your software well enough to be able to enter the data, but that info is going to come from your vendor and/or other users.

This is great, thank you so much!

[Lion]

Start by looking for a Tax Return Carryover to 2022 report in the 2021 income tax return. If you need more detail than that page provides, look for detail on or near any of the return's forms and schedules. 2022 Estimated Tax Worksheet, if it says "overpayment applied." A negative number on Line 7 should send you looking for a CL detail. What forms and schedules on the return are "use it or lose it" and what can be carried forward, suspended, etc. Form 8582 Passive Activity Loss Limitations. Do you have a Schedule E statement re Loss from Partnerships and S Corps? QBID but biz losses probably creates a carryover statement.