1040-IN: Nonrefundable credit carryforward

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When calculating Schedule 6 or Schedule G credits against state income tax, UltraTax CS calculates credits in the following order:

Use the Other credits statement dialog on Screen INCr, located in the Credits folder, to track carryover of nonrefundable credits to next year. In the statement dialog, enter the amount to use on the current year Schedule 6/G. When you enter code 1 to indicate that the unused portion of credit is eligible to carry forward, UltraTax CS calculates the amount to carry forward (in the statement dialog) as the difference between the amount available and the amount used in the current year. The amount to carry forward proformas from the statement dialog to next year.

Notes
  • The calculation of nonrefundable credits is limited to the amount of state income tax available after consideration of previous credits. If taxpayer has credits eligible for carryover to future years, it may be helpful to sort the credits in the Other credits statement dialog on Screen INCr by the Expiration Year. To do so, click on the "Expiration Year" column heading.Enter exactly the amount of credit to report on Schedule 6 or Schedule G. If the amount exceeds the available tax after other credits, UltraTax CS issues a critical diagnostic message.
  • Indiana law requires certain credits to be used before other credits. Use the Amt to use on Sch 6/G column of the Other Credits statement dialog on Screen INCr to change the amount of credit used on the current year return and to track carryover to next year.

Related topic: 1040 Indiana frequently asked questions

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