Passive credits (1120)

Show expandable text

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.

Enter current-year passive credits in Screens GBC-1, GBC-2, GBC-3, GBC-4, GBC-5, GBC-6, and GBC-7 in the activity's folder. Enter suspended passive credits from prior years in Screens PALCr and PALCrESB in the same activity folder. Suspended credits from passthrough entities are entered in Screens PALCr and PALCrESB in the K1 1065, 1041 folder. UltraTax CS generates Form 8810, if necessary, and reports the credits on any other applicable forms or schedules. UltraTax CS proformas the suspended-loss carryover from year to year.


Related articles

Passive activities overview

Was this article helpful?

Thank you for the feedback!