1120-US: Credits entered in the asset module (FAQ)

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Question

Which credits can be entered in the asset module?

Answer

UltraTax/1120 provides a return-specific option to specify the method of entering asset information; you can either enter asset information in the asset module or in the various credit input screens. To enter asset information in the applicable credit input screen, choose File > Client Properties > Advanced Properties > Enter Asset Detail tab and clear the Enter asset detail information checkbox to turn off the application default. For more information, see Where do I enter asset data.

If you are using the asset module, the following credits are calculated based on the asset data when the applicable code is entered in the Credit / Amount field in the Depreciation tab.

If you are not using the asset module, the input screens for the forms listed above are available in the Farm, Farm Rental, and Rent & Royalty folders (activity-based screens). For miscellaneous non-activity related credit data entry, the input screens are also included in the Credits folder.

Related topic: 1120 frequently asked questions

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