Level 2

Question

Manually enter Federal Carryover - Deductible SALT

Forum|Forum|5 years ago
October 5, 2020
3 replies
14 views

Drawing a blank! New client I am having to manually enter her info. She has Federal Carryover to 2019 of Deductible SALT. Where do I enter this amount?

Thanks in advance!

Lacerte Tax

This topic has been closed for replies.

IRonMaN

Level 15

Are you sure about that carryover?

Slava Ukraini!

abctax55

Level 15

Me too... the return I'm trying to finalize would have a carryover of over $ 400,000 IF there is one.

HumanKind... Be Both

IRonMaN

Level 15

I think that goes on form SOL.

Slava Ukraini!

sjrcpa

Level 15

Do you mean 2018 state tax balance due paid in 2019?

The more I know the more I don’t know.

F

feedpoorAuthor

Level 2

No. This is SALT carryover that was in excess of $10,000 in previous years.

F

feedpoorAuthor

Level 2

On the General Information sheet from 2018 tax return:

Carryovers to 2019

Federal Carryovers

Deductible State and Local Taxes $3,259

abctax55

Level 15

That is "NOT" excess of SALT.

That is state tax paid in 2019 FOR 2018 - usually the 4th estimate for 2018 paid in Jan 2019, or the amount owed for the 2018 return paid in April 2019.

It has absolutely nothing to do with the $ 10,000 SALT limitation. IF the amounts match, it's one of those odd coincidences that occasionally happen.

HumanKind... Be Both

F

feedpoorAuthor

Level 2

She didn't pay any state tax for 2018 in 2019 - so that's not it.

Thanks anyway, got my answer from an local CPA friend.

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