1120-US: Calculating Form 1120-H (FAQ)

Alerts and notices

Question

Why isn't UltraTax CS/1120 automatically calculating Form 1120-H?

Answer

Form 1120-H for Homeowner's Associations is generated when you select the Homeowner's Association entity type in the File > Client Properties dialog. To qualify for Form 1120-H:

  • at least 60 percent of the association's gross income for the tax year must consist of exempt function income and
  • at least 90 percent of the association's expenses for the tax year must consist of expenses to acquire, build, manage, maintain, or care for the property.

Note: UltraTax CS automatically compares the tax before credits on Forms 1120 and 1120-H and prints the form that calculates the lowest tax before credits when the conditions listed above are met.

To force either form to print instead of accepting the calculated result, select the applicable option from the Force to print Form 1120 or Form 1120-H field in Screen H, located in the 1120H folder.