1040-US: Which attributes are automatically reduced in Screen 982?

Alerts and notices
Leave feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Question

Does the tax application automatically reduce tax attributes?

Answer

The tax attributes display, calculated as of the last printing or previewing of the return, available for reduction if X is entered in the Display available credits and carryovers field in Screen 982. While all available attributes will display, only some will be reduced automatically.

The following tax attributes will be automatically reduced by data entry in Screen 982.

The following tax attributes will need to be manually reduced.

Note: A client note can be created in the current tax year and proforma'd to the following tax year as a reminder to adjust the foreign tax credit carryover in the following tax year. For more information about client notes, see Attaching a client note.

Related topic: Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) FAQs (1040)

Share This