Passive credits (1120)

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Enter current-year passive credits in Screens GBC-1, GBC-2, GBC-3, GBC-4, GBC-5, GBC-6, and GBC-7 in the activity's folder. Enter suspended passive credits from prior years in Screens PALCr and PALCrESB in the same activity folder. Suspended credits from passthrough entities are entered in Screens PALCr and PALCrESB in the K1 1065, 1041 folder. UltraTax CS generates Form 8810, if necessary, and reports the credits on any other applicable forms or schedules. UltraTax CS proformas the suspended-loss carryover from year to year.

Related topic: Passive activities overview

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