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Screen GBCCB - General Business Credit Carryback (1120)
Overview
Use this screen to enter tax available to be offset for the general business credits. With this data, the carryback section of the General Business Credit Carryover / Carryback Detail Wrk is calculated. The carryback sections reflect the amount of general business credit that can be carried back to prior years.
Prior Year Tax Available for Offset
General limitation
If the limited tax liability for the general business credits listed in IRC section 38 exceeds the total section 38 credits in the prior year, enter the excess tax liability as a positive amount in the prior year field. The information in this field is used to determine the amount of section 38 general business credits from the current year that can be carried back to the prior year.
The Credit for Oil and Gas Production From Marginal Wells can be carried back five years. Use the second through the fifth prior year fields to enter the excess tax liability for those years.
Empowerment Zone
If the limited tax liability for the Empowerment Zone Employment Credit (Form 8844) exceeds the total Form 8844 credit in the prior year, enter the excess tax liability as a positive amount in the prior year field. The information in this field is used to determine the amount of Form 8844 credits from the current year that can be carried back to the prior year.
Specified credits and eligible small business credits
If the limited tax liability for the specified credits and eligible small business credits listed in IRC section 38(c)(4) exceeds the total section 38(c)(4) credits in prior years, enter the excess tax liability as a positive amount in the prior year fields. The information in these fields is used to determine the amount of section 38(c)(4) specified credits from the current year that can be carried back to prior years.