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.

Forms 3800, 5695, 8396, 8834, 8839, 8859, 8910, 8911, and 8936 are delayed by the IRS, and returns that include any of these forms are impacted by the prescribed credit ordering when calculating any credit limitation on this worksheet. The ability to offset the entire regular tax liability and AMT liability by the nonrefundable personal credits was permanently extended for years after 2011 by ATRA. The Nonrefundable Personal Credit Limitation Worksheet is based on worksheets from the IRS instructions for the applicable form and provides details on the limitation for each nonrefundable credit. The top section of the worksheet provides amounts from the tax return that are used in the limitation calculation. The limitation for each credit is then presented in a six-line worksheet; lines 1 through 3 are the mathematical calculation of the limitation, line 4 provides the line number of the appropriate form where the credit from line 3 is reported, line 5 indicates the type of tax (regular and/or AMT) that was used for line 1, and line 6 indicates what other credits are used in the calculation of line 2. The bottom section is specific to the nonrefundable limitation calculation required when completing Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits). Once the IRS releases the form instructions for these credits, UltraTax/1040 will also be updated to include full support for the Nonrefundable Personal Credit Limitation Worksheet.

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