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Screen GBC-6 - Form 8941, 8994 (1120)
Overview
The GBC-1, GBC-2, GBC-3, GBC-4, GBC-5, and GBC-6 Screens are available in the Farm, Farm Rental, and Rent & Royalty folders and are activity-based screens. For miscellaneous non-activity related credit data entry, the screens are also part of the Credits folder.
note
- Depending on the entity type and the folder in which the screen is located, certain credit fields are not applicable and therefore non-enterable fields.
- If this corporation is a member of a controlled group, you must enter an amount in theGBC limitationfield in the Ctrl and Ctrl-2 Screens to calculate the various general business forms properly.
- You must complete the information in the GBCGen-2 Screen in order for UltraTax/1120 to calculate this credit.
Enter the passive credit carryovers on the PALCr or PALCrESB Screen in the appropriate activity folder.
Form 8941 - Credit for Small Employer Health Ins Premiums
Employee and insurance coverage information
Enter information in this statement to prepare the Credit for Small Employer Health Insurance Premium Worksheets, Page 1 through 4. The application will also prepare the Credit for Small Employer Health Insurance Premium Optimization Worksheet and calculate the credit based on the method that provides the optimal credit amount: actual hours worked; days worked equivalency; or weeks worked equivalency. This amount reports on Form 8941.
note
- The Average Premiums for State Small Group Market are automatically completed based on the data entered in the State Postal Code and Type of Insurance columns, according to the table in the Revenue Ruling 2010-13.
- For employees that were not enrolled in the health insurance plan for a full year, enter the number of weeks they were enrolled. The application defaults to a full year of coverage if the Weeks Enrolled in Coverage column is blank and the Hours Worked, Days Worked, or Weeks Worked amounts are at the maximum.
- For seasonal employees, enterXin the Seasonal Employee column to not include their wages or hours/days/weeks worked when the credit is calculated. However, the employer premiums will be included.
Force calculation
Use these fields to enter the summary information to complete Form 8941. These fields are provided if you choose not to enter the detail in the
Employee and insurance coverage information
field.note
If you enter information in any
force
field, the application does not complete the Credit for Small Employer Health Insurance Premium Worksheets or the Credit for Small Employer Health Insurance Premium Optimization Worksheet.Total wages paid by employer
Average wages will be calculated and rounded to the next lowest $1,000
Form 8994 - Employer Cr for Paid Family and Medical Leave
Qualifying employees and paid family and medical leave information
Enter information in this statement to prepare Form 8994.
Wage reduction allocated to
Salaries and wages on Page 1 of the tax return are automatically reduced by the Form 8994 current-year credit. If you want the wage reduction from the credit to be allocated to Cost of labor on Form 1125-A, or to Officer's compensation, enter either a percentage or an amount of the credit you want to allocate. If data is not entered in the percentage or amount fields, or if the entire reduction for the Form 8994 credit is not used, the reduction for the Form 8994 credit is allocated to salaries and wages on Page 1 of the tax return.
note
When the Form 8994 credit is completed in the GBC-6 screen (located in the Farm, Farm Rental, or Rent & Royalty folders), the wage reduction is automatically applied to the respective activity. Therefore, enter gross wages before any employment credit reduction in the
Labor hired
field for a Farm or Farm Rental activity, or Wages and salaries
field for a Rent & Royalty activity.