What happens to credits in the carryback or carryover years? Credits that are de

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


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

Solution: All credits must be recomputed

Explanation: The liability of the tax for the carry back year is recomputed by deducting the loss in arriving at adjusted gross income

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