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Screen CACr-2 - California Current Year Credits - Page 2 (1040)

Overview

Use this screen to complete Schedule P (540) or P (540NR); Form 3801-CR, Part VI, Election to Increase Basis of Credit Property; and the California Nonrefundable Renter's Credit Worksheet.
UltraTax CS prints Schedule P (540) or P (540NR) if credits or exemptions are limited on Schedule P (540) or P (540NR), alternative minimum tax is due, or there are more than three credits claimed and at least one credit is not reflected on Form 3540.
UltraTax CS uses this data together with information from Form 3510 to complete Schedule P (540), Part III, or Schedule P (540NR), Part III. UltraTax CS takes credits in the credit number order within the applicable section on the form.

Offset Excess Tax, TMT, No Carryover

Use this section to enter current-year amounts with respect to credits that offset excess tax and Tentative Minimum Tax (TMT) and have no carryover provisions. Credit amounts transfer to Schedule P (540) or P (540NR), Section B1.
The California Nonrefundable Renter's Credit Worksheet calculates from data entered in these fields when the
Number of months rented principal residence in California
 field has data and the
Nonrefundable renter's credit (Force)
 field is blank.
UltraTax CS automatically calculates the maximum credit allowed by law from detailed data entry in the
Nonrefundable renter's credit
 fields. Use this field to enter an amount different than the calculated credit. The California Nonrefundable Renter's Credit Worksheet does not calculate when this field is not blank.
Mark this field if the taxpayer meets all the qualifications for the Senior Head of Household Credit.
Mark this field if the client meets all the qualifications for the Joint Custody Head of Household Credit.
Mark this field if the client meets all the qualifications for the Dependent Parent Credit.

Offset Excess Tax, TMT, Limited Carryover

Enter current-year additions with respect to credits that offset excess tax and tentative minimum tax (TMT) and have limited carryover provisions in this section. Credit amounts transfer to Schedule P (540) or P (540NR), Section B2. The credit forms are available in the noncalculating section of UltraTax CS to complete as needed. Any completed, noncalculating forms that are required in an electronically filed return are included in the electronic file.
Information in this statement dialog transfers from the federal 8839 Screen,
Eligible children information
 statement dialog, for each child entered with
State Use
 code
4 Child in custody of CA public agency
. Enter an expense amount in the
CA Adoption Expenses if Different
 column if different from the federal amount. The credit amount included on Schedule P, column (a) is the lesser of 50 percent of the expenses or the current maximum credit amount per child.

Election to Increase Basis of Credit Property

Use this section to enter information for the calculation of Form 3801-CR, Part VI, Election to Increase Basis of Credit Property. If the taxpayer disposed of his or her entire interest in a passive activity or former passive activity in a fully taxable transaction and elects to increase the basis of credit property used in that activity by the disallowed credit, enter the required information in these fields.
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