Carrybacks/Carryforwards Flashcards
1
Q
Charitable Contributions
A
Individual:
Carry forward 5 years
2
Q
Foreign Tax Credit
A
Carry back 1 year
Carry forward 10 years
3
Q
Crop Insurance Proceeds
A
A 1-year deferment of income is allowed if he payment was received in the year of damage.
4
Q
Adoption Credit
A
Unused credit may be carried forward 5 years
5
Q
Capital Losses
A
Individual:
$3,000 annual limit
Carried forward indefinitely
6
Q
Net Operating Loss
A
Carried back 2 years AND
Carried forward 20 years
