1120-US: Credits entered in the asset module (FAQ)

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Which credits can be entered in the asset module?


UltraTax CS/1120 provides a return-specific option to specify the method of entering asset information; you can either enter asset information in the asset module or in the various credit input screens. To enter asset information in the applicable credit input screen, choose File > Client Properties > Advanced Properties > Enter Asset Detail tab and clear the Enter asset detail information checkbox to turn off the application default.

For more information, see Where do I enter asset data.

If you are using the asset module, the following credits are calculated based on the asset data when the applicable code is entered in the Credit / Amount field in the Depreciation tab.

  • Code C - Form 3468, Rehabilitation Credit (Certified historic structures). Additional investment credit information is entered in the Credit Information dialog on the Other tab in the asset module.
  • Code G - Form 3468, Geothermal Energy Credit
  • Code S - Form 3468, Solar Energy Credit
  • Code P - Form 3468, Advanced Energy Project Credit
  • Code N - Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit
  • Code U - Solar Energy Credit construction began in 2020-2023

If you are not using the asset module, the input screens for the forms listed above are available in the Farm, Farm Rental, and Rent & Royalty folders (activity-based screens). For miscellaneous non-activity related credit data entry, the input screens are also included in the Credits folder.

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