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Depreciation

Enter tax credit information

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To enter tax credit information, complete the following steps.
  1. Open the client.
  2. Enable the state treatment for the tax credit you want to enter, if the state treatment is not already enabled.
  3. In the
    Asset List
     window, select an activity folder, if necessary, and select the
    Add
     button and add a new asset, or highlight an existing asset and select the
    Modify
     button.
  4. The steps to finish entering the tax credit vary depending on the credit for which the asset qualifies.
    Idaho
     investment tax credit,
    Maine
     investment tax credit,
    Oregon
     reforestation tax credit,
    Rhode Island
     investment tax credit, or
    South Carolina
     investment tax credit
    To enter the Idaho investment tax credit, Maine investment tax credit, Oregon reforestation tax credit, Rhode Island investment tax credit, or South Carolina investment tax credit, complete the following steps.
    note
    The Rhode Island investment tax credit is not available for tax years after 2010.
    1. Select the
      Other
       tab.
    2. Select the
      Credit Information
       button.
    3. In the
      Credit Information
       window, select the tab for the proper tax credit.
    4. Mark the checkbox, then select
      OK
      .
    5. Select
      Done
       to close the
      Asset Detail
       window.
    note
    • The Idaho investment tax credit data entry is only available for 1040 or 1120 clients.
    • The Maine investment tax credit data entry is only available for 1040, 1120, 1065, or 1041 clients.
    • The Oregon reforestation tax credit is only available for 1040 clients.
    • The Rhode Island investment tax credit is only available for 1040 clients.
    • The South Carolina investment tax credit is only available for 1120 clients.
    New York
     investment tax credit or
    Wisconsin
     investment tax credit
    To enter the New York or Wisconsin investment tax credit, complete the following steps.
    1. Select the
      Other
       tab.
    2. Select the
      Credit Information
       button.
    3. In the
      Credit Information
       window, select the
      NY Investment Credit
       tab or the
      WI Investment Credit
       tab.
    4. In the
      New York investment credit
       or
      Wisconsin investment credit
       field, make the proper selection from the dropdown list.
      note
      Early disposition for the Wisconsin investment tax credit only applies to tax years 2012 and earlier.
    5. If you selected
      Early disposition
       in the previous step, enter the credit amount allowed in the
      Credit amount allowed
       field.
    6. Select
      OK
       to close the
      Credit Information
       window.
    7. Select
      Done
       to close the
      Asset Detail
       window.
    note
    • The New York investment tax credit data entry is available for 1040, 1120, and 1065 clients.
    • The Wisconsin investment tax credit is only available for 1120 and 1065 clients.
    Other credits
    To finish entering tax credit information, complete the following steps.
    1. In the
      Depreciation
       tab, select the appropriate credit code from the dropdown list for the
      Credit
       field.
      note
      The credit amount is automatically calculated. If you disagree with this amount, you can change it.
    2. You don’t need to enter any additional information for the Solar Energy, Geothermal Energy, Reforestation, Qualified Electric Vehicle, Alt Fuel Vehicle Refueling Prop, Advanced Energy Project, or Other credits (Adjust basis by full amount) credits. If you are entering any of these credits, select
      Done
      .
    3. For any other credit, select the
      Other
       tab, select the
      Credit Information
       button, then select the
      Investment Credit
       tab.
    4. The steps to finish entering the credit information vary depending on the credit code entered in step a.
      • Rehabilitation Credit (Pre 1936 building)
        In the
        Credit Information
         window, enter information in the following fields if necessary.
        • Measuring period beginning date
        • Measuring period ending date
        • Beginning adjusted basis of building
        • Qualified expenditures incurred
      • Rehabilitation Credit (Certified Historic structure)
        In the
        Credit Information
         window, enter information in the following fields if necessary.
        • NPS project number
        • Date approved
        • Measuring period beginning date
        • Measuring period ending date
        • Beginning adjusted basis of building
        • Qualified expenditures incurred
    5. Select
      Done
      .

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary,990 Exempt Organization
  • Subject: Depreciation

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