What happens to credits in the carryback or carryover years? Credits that are de
ID: 2595163 • Letter: W
Question
What happens to credits in the carryback or carryover years?Credits that are dependent on agi, magi, or tax liability must be recomputed
No adjustments are needed
All credits must be recomputed
None of the above
What happens to credits in the carryback or carryover years?
Credits that are dependent on agi, magi, or tax liability must be recomputed
No adjustments are needed
All credits must be recomputed
None of the above
What happens to credits in the carryback or carryover years?
Credits that are dependent on agi, magi, or tax liability must be recomputed
No adjustments are needed
All credits must be recomputed
None of the above
Credits that are dependent on agi, magi, or tax liability must be recomputed
No adjustments are needed
All credits must be recomputed
None of the above
Explanation / Answer
No adjustment is needed for the carry forward credits of previous years. In the case of computation of tax liability or AGI or MAGI, the procedure shall be the same. The tax payable or credits available shall not change as the year changes, the balances shall be carried forward to the fresh year as an opening balance.
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