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How can I use Illinois unused credit carry forward ? 

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Question
How can I use Illinois unused credit carry forward ? 

Answer

Unused credit carryforwardavailable from previous years is used first, beginning with the credit that will expire first. “Unused credit carryforward” is any credit amount that you earned in a previous year, less any credit that you applied to unpaid tax in following tax years, less any credit that has expired.
For example, if you earned a Dependent Care Assistance Program Credit in 2012 in the amount of $5,000, and you used $2,000 credit on your 2012 tax return, you had $3,000 left to carry forward for two years. On your 2013 tax return, you used $1,500. You now have $1,500 left to use on your 2014 tax return. This is your unused credit carryforward. If you are not able to use all $1,500 on the 2014 return, you will forfeit the excess credit.


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Article Details
Views: 769 Created on: Jun 15, 2013
Date updated: Sep 08, 2015
Posted in: STATES, Illinois

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