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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Why is there a difference between the amount excluded from gross income in Screen 982 and the amount of credit tax attributes displayed on Form 982?

Answer

UltraTax CS automatically calculates the amount of credit tax attributes when the amount of excluded income is entered in the Excluded Gross Income column in Screen 982 or 982S (as applicable). Credit tax attributes are reported on Form 982 at 33 1/3 cents for every dollar excluded from debt income.

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