You have seen references to "Carry-Over Credits" and would like to know what they are and how they impact your liability.
- A carry-over credit is a transaction with negative liability that is excluded from its intended filing period.
- This is due to the positive tax liability not being great enough to apply the credit without filing a negative tax return.
- The credit will continue to roll over to future periods until it can apply without making a negative return.
- Carry over credits can be tracked by running the Liability Worksheet Carry Over Credit export report in the Admin Console.