Entering tax credit information

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To enter tax credit information, complete the following steps.

  1. Open the desired client.
  2. Enable the state treatment for the tax credit you want to enter, if the state treatment is not already enabled.
  3. In the Asset List window, click an activity folder, if necessary, and click the Add button and add a new asset, or highlight an existing asset and click the Modify button.
  4. The steps to finish entering the tax credit vary depending on the credit for which the asset qualifies. Click the appropriate link to view the remaining steps.

    To enter the Idaho investment tax credit, Maine investment tax credit, Oregon reforestation tax credit, Rhode Island investment tax credit, or South Carolina investment tax credit, complete the following steps.

    Note: The Rhode Island investment tax credit is not available for tax years after 2010.

    1. Click the Other tab.
    2. Click the Credit Information button.
    3. In the Credit Information dialog, click the tab for the appropriate tax credit.
    4. Mark the checkbox, and then click OK.
    5. Click Done to close the Asset Detail dialog.

    Notes

    • The Idaho investment tax credit data entry is only available for 1040 or 1120 clients.
    • The Maine investment tax credit data entry is only available for 1040, 1120, 1065, or 1041 clients.
    • The Oregon reforestation tax credit is only available for 1040 clients.
    • The Rhode Island investment tax credit is only available for 1040 clients.
    • The South Carolina investment tax credit is only available for 1120 clients.

    To enter the New York or Wisconsin investment tax credit, complete the following steps.

    1. Click the Other tab.
    2. Click the Credit Information button.
    3. In the Credit Information dialog, click the NY Investment Credit tab or the WI Investment Credit tab.
    4. In the New York investment credit or Wisconsin investment credit field, make the appropriate selection from the drop-down list.

      Note: Early disposition for the Wisconsin investment tax credit only applies to tax years 2012 and earlier.

    5. If you selected Early disposition in the previous step, enter the credit amount allowed in the Credit amount allowed field.
    6. Click OK to close the Credit Information dialog.
    7. Click Done to close the Asset Detail dialog.

    Notes

    • The New York investment tax credit data entry is available for 1040, 1120, and 1065 clients.
    • The Wisconsin investment tax credit is only available for 1120 and 1065 clients.

    To finish entering tax credit information, complete the following steps.

    1. In the Depreciation tab, select the appropriate credit code from the drop-down list for the Credit field.

      Note: The credit amount is automatically calculated. If you disagree with this amount, you can change it.

    2. You do not need to enter any additional information for the Solar Energy, Geothermal Energy, Reforestation, Qualified Electric Vehicle, Alt Fuel Vehicle Refueling Prop, Advanced Energy Project, or Other credits (Adjust basis by full amount) credits. If you are entering any of these credits, click Done.
    3. For any other credit, click the Other tab, click the Credit Information button, and then click the Investment Credit tab.
    4. The steps to finish entering the credit information vary depending on the credit code entered in step a. Click the asset's credit code to view information specific to that method.
      • Rehabilitation Credit (Pre 1936 building)

        In the Credit Information dialog, enter information in the following fields if applicable.

        • Measuring period beginning date
        • Measuring period ending date
        • Beginning adjusted basis of building
        • Qualified expenditures incurred
      • Rehabilitation Credit (Certified Historic structure)

        In the Credit Information dialog, enter information in the following fields if applicable.

        • NPS project number
        • Date approved
        • Measuring period beginning date
        • Measuring period ending date
        • Beginning adjusted basis of building
        • Qualified expenditures incurred
    5. Click Done.

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