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Discussion Forum Index --> Basic Tax Questions --> Federal Carryover Worksheet
Discussion Forum Index --> Tax Questions --> Federal Carryover Worksheet
Anchorman (talk|edits) said:
| 3 July 2008
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| Doing 1040 with Schedule C for a new client. In reviewing a copy of her 2006 return (self prepared on Turbo Tax) I see the following on Federal Carryover Worksheet, page 2, line 24 for 2005: "Amount overpaid less earned income credit" in the amount of $1,523. No other carryover entries exist for 2005 or 2006. What in the world is this telling me, and what should I do with it on the 2007 return?
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Kevinh5 (talk|edits) said:
| 3 July 2008
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| not to be overly snarky, but isn't that the Federal refund?
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CinSee (talk|edits) said:
| 3 July 2008
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| It could relate to information needed for state purposes. You may deduct the federal taxes paid on Iowa but you also have to pick up the refund less any earned income credit.
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Anchorman (talk|edits) said:
| 3 July 2008
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| the only thing I could think of was the Federal refund, but I didn't have an 05 return or anything else to verify. All by itself, the description just seemed very ... uh, nondescript. So I'll go with you on this one Kevinh5. I'll go with you on every one, for that matter.
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