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Tax carry forward

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188 views 3 replies 2 participants last post by  crisvic  
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#1 ·
This lady, on her Form 1116 schedule B keeps adding tax carry forwards every year. She is now on her 7th year. Must she complete all 10 years or can she start from 0 next year?.....Also (this subject was discussed before). on her 2023 return she made a small math error, which she corrected by letter, enclosing a copy of the corrected form. So far she received 9, 2644c letters, one every 2 months asking for 2 more months....her daughter called the irs and was told her return was ok..the supervisor would be asked to stop the letters....but today she recieved another one......is there no limit to these letters?... Thanks
 
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#2 ·
crisvic said:
Must she complete all 10 years or can she start from 0 next year?
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She could.. but to be blunt, it would be stupid to do so. Its kinda like saying, can you remove the balance from my bank account because it makes my statements too difficult to understand.
The law allows her to use excess tax credits for up to 10 years and at 11 years they age out. For most people excess tax credits are never used, but they can come in handy if one ever has income that is not taxable in (I presume Spain) but is taxable in the US.

crisvic said:
.is there no limit to these letters?.
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The IRS has regulated times to conduct certain tasks and to provide notice when they cannot complete that task in time. These letters will continue until the IRS until it makes it to the top of the pile. Given the current funding on the IRS, its possible that the heat death of the universe will occur first.
 
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#3 ·
Moulard said:
She could.. but to be blunt, it would be stupid to do so. Its kinda like saying, can you remove the balance from my bank account because it makes my statements too difficult to understand.
The law allows her to use excess tax credits for up to 10 years and at 11 years they age out. For most people excess tax credits are never used, but they can come in handy if one ever has income that is not taxable in (I presume Spain) but is taxable in the US.



The IRS has regulated times to conduct certain tasks and to provide notice when they cannot complete that task in time. These letters will continue until the IRS until it makes it to the top of the pile. Given the current funding on the IRS, its possible that the heat death of the universe will occur first.
Click to expand...
 
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