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Screen 8912 - Credit to Holders of Tax Credit Bonds (1120)

Current Year Credit

This field is used as the unit description in the folders block.
Select the type of bond from the fieldview for bond credits either reported or not reported on Form 1097-BTC. This information is used to calculate limitations for the different types of bonds. You need to create a new unit of the screen for each bond type.
If all of the current-year credit cannot be used because of the tax liability limit, use this field to enter the amount of unallowed credit to be deducted in the current year. This amount is added to the other deductions statement of the return.
It may be necessary to use the "trial and error" method to determine the amount to enter. The unallowed credit should equal the amount of the deduction.
If instead of deducting the unallowed amount in the current year, you choose to deduct it in the following year, leave this field blank and the amount of unallowed credit proformas to the following year.
Enter the amount of prior year unallowed credit. This amount is added to the Other deductions statement for the return.
Enter
X
 if the income related to tax credit bonds has already been included in book income. When this field is marked, the application does not generate a Schedule M-1 or Schedule M-3 adjustment related to tax credit bonds.
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