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Screen 8609A - Annual Statement for Low-Income Housing Credit (1040)

Overview

Use this screen to enter information for the Low-Income housing credit for Form 8609-A. Information entered here to calculate Form 8609-A will also transfer to Form 8586. A separate
8609A
 screen should be completed for each building.
The
8609A
 screen is available in the Business, Rent & Royalty, Farm, and Farm Rental folders. This screen is also available in the Credits folder for miscellaneous, non-activity related credit data entry. The application completes the
Form/Schedule
,
Unit#
 and
Description
 fields from the information for the individual activity.

General Information

Enter general information to complete Part I of Form 8609-A.
The application automatically enters the next available number and uses this information to gather and coordinate information for the business unit activity.
Enter the building identification number for Part I, Item A. This is a mandatory field for the form to calculate.
The application uses this field to determine if the credit calculated of Form 8609-A should flow to Form 8586 Part I or Part II. This is a mandatory field for the form to calculate.
Enter the building type for Part I, Item B.
Enter
X
 to select yes on Part I, Item C.
Enter
X
 to select yes on Part I, Item D.
This field is only applicable when answering “No” to Part I, Item E. If the entire credit has been claimed in prior years and “No” is marked on Form 8609-A, Item E, then Part II of the form won't be completed according to Form 8609-A instructions.
Enter
X
 to select yes on Part I, Item E.

Computation of Credit

Enter information about the building to complete Part II of Form 8609-A.
Enter the basis for Part II, line 1.
Enter the percentage of the building that qualifies as the low-income portion. The percentage will be carried out to four decimal places and will appear on Part II, line 2.
Enter
X
 if Part II, line 3 should have an imputed qualified basis of 0.
If an adjustment is needed due to disposition or acquisition during the year, enter the amount here that was calculated in accordance with the Form 8609-A instructions. This figure populate Part II, line 4 of the form.
Enter the percentage for Part II. Line 5.
Enter an additions needed for Part II, line 7.
If an adjustment is needed due to disposition or acquisition during the year, enter the amount here that was calculated in accordance with the Form 8609-A instructions. This figure populates Part II, line 8 of the form.
Enter the amount for Part II, line 11.
Enter the amount for Part II, line 14.
The application calculates Part II, line 15, as the difference between line 13 & line 14. Enter an amount in this field to override the calculated amount.
The application calculates Part II, line 16, as equal to line 15. Enter an amount here to override that amount.
Enter the amount for Part II, line 17.
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