New (tax) year, new help!

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.

See also: 1040 California frequently asked questions

Overview

Use this screen to complete Schedule P (540) or P (540NR); Form 3801-CR, Part VI, Election to Increase Basis of Credit Property; and the California Nonrefundable Renter’s Credit Worksheet.

UltraTax CS prints Schedule P (540) or P (540NR) if credits or exemptions are limited on Schedule P (540) or P (540NR), alternative minimum tax is due, or there are more than three credits claimed and at least one credit is not reflected on Form 3540.

UltraTax CS uses this data together with information from Form 3510 to complete Schedule P (540), Part III, or Schedule P (540NR), Part III. UltraTax CS takes credits in the credit number order within the applicable section on the form.

Offset Excess Tax, TMT, No Carryover

Use this section to enter current-year amounts with respect to credits that offset excess tax and Tentative Minimum Tax (TMT) and have no carryover provisions. Credit amounts transfer to Schedule P (540) or P (540NR), Section B1.

Number of months rented principal residence in California in 2018 / … / Landlord information

Nonrefundable renter’s credit (Force)

163 Calculate the Senior Head of Household Credit

170 Calculate the Joint Custody Head of Household Credit

173 Calculate the Dependent Parent Credit

Offset Excess Tax, TMT, Limited Carryover

Enter current-year additions with respect to credits that offset excess tax and tentative minimum tax (TMT) and have limited carryover provisions in this section. Credit amounts transfer to Schedule P (540) or P (540NR), Section B2. The credit forms are available in the noncalculating section of UltraTax CS to complete as needed. Any completed, noncalculating forms that are required in an electronically filed return are included in the electronic file.

197 Child Adoption

Election to Increase Basis of Credit Property

Use this section to enter information for the calculation of Form 3801-CR, Part VI, Election to Increase Basis of Credit Property. If the taxpayer disposed of his or her entire interest in a passive activity or former passive activity in a fully taxable transaction and elects to increase the basis of credit property used in that activity by the disallowed credit, enter the required information in these fields.

Was this article helpful?

Yes No

Submit