Lesmir Posted March 30 Report Posted March 30 I have a new client that has form 5695 for solar panels purchased in 2023. I just noticed the previous tax prepaper made an errror and listed both a solar panel system installed and a qualified fuel cell property installed, both same purchase price of $50K. The client only installed solar panels. This gave the client a double 30% tax credit on their 2023 return. Client now has a wrong carryforward figure from 2023. Is is likely client will contact previous preparer for the correction and amendement only, as client would not incur any cost when he let's them know about the error made. The 2023 amendent would only change the solar credit carryforward amount, nothing else. Should I wait to file 2024, file an extension only for my client, to allow time for previous tax preparer to amend? Proceeed to file 2024 return (with wrong 2023 carryforwad figures in form 5695) and do my own 2024 amendement afterwards? Proceed to file 2024 return (with corrrect correct carryforward figures). What would be the best approach? Thanks in advance. Quote
joanmcq Posted March 30 Report Posted March 30 I would give time for the amendment and then file. No sense in filing a false return. Quote
Bart Posted March 30 Report Posted March 30 I would: Proceed to file 2024 return (with corrrect correct carryforward figures). 9 Quote
Lee B Posted March 30 Report Posted March 30 31 minutes ago, joanmcq said: I would give time for the amendment and then file. No sense in filing a false return. Yes except that there is a very long backlog for processing amended returns. I agree with Bart 1 Quote
Pacun Posted March 31 Report Posted March 31 This is me: My clients hire me to correctly prepare their 2024 return. So, if I were you, I would do what Bart said. I wouldn't even bother to send people back to the other preparer since 2023 received the correct refund and so will 2024. Or you think the IRS will say "hey you have some left over credit from 2023, here your check"? 3 Quote
Lion EA Posted April 2 Report Posted April 2 I've heard the IRS prints them out and puts them at the bottom of the stacks of returns to hand process. All you save is the mail time. 2 Quote
kathyc2 Posted April 2 Report Posted April 2 7 hours ago, joanmcq said: There's a backlog with e-filed amended returns? I e-filed a 2023 amended on 2/7 that still shows as processing. State processed and sent refund on 3/5. 1 Quote
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