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Screen CACr3 - California Credits, Page 3 (1120)
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Overview
Use this screen to complete tax credits on Schedule P for Form 100, 100W, Schedule C for Form 100S, Side 2 of Form 100, 100W, or 100S, Form 3544, and Form 3544A. This screen is part of the Farm, Farm Rental, Rent & Royalty, and K1 1065, 1041 folders. Enter Page 1 or cost of goods sold related credits in this screen, which is part of the Credits folder.
Credits Eligible for Section B
The application uses the information in this section to complete Schedule P for Form 100 or 100W, Schedule C for Form 100S, Side 2 of Form 100,100W, or 100S, Form 3544, or Form 3544A. This screen is also used to complete Form 3802, if applicable.
Current Year Credit
Use this to enter the full current-year amount. The application automatically limits the credit to one-third for S Corporations.
Form 3544 Assignor (C Corp)
Use the statements to assign credits to members of a combined reporting group on Form 3544.
If there are limitations to be specified for this assignment, enter
X
in the Mark if Limitation
column and complete the statement in the next input screen field for Form 3544 credit assignment limitations. The application prints Form 3544 in the combined return only, using the information specified for assigning corporations.note
- The Assignee Corporation’s name entered in the statement must exactly match the corporation name of one of the members of the combined group.
- It will be necessary to manually enter the amount of any credits assigned in each assignee corporation’s return next year.
Form 3544 Limit (C Corp)
Use the statements to enter limitation detail for a credit being assigned by this corporation. The Assignee’s FEIN must be completed for each line, and the
Type of Limitation
column must be completed for each line if efiling the return.Form 3544A Assignee
Use the statements to report credits claimed by the corporation on Form 3544A assigned to them by other corporations. The credits may be reported either by members of a combined reporting group or S Corporations that were assigned credits while a C Corporation.
note
You'll need to enter an amount in the
Credit Claimed in Current Taxable Year
column of the statement before finalizing the return. The application can't determine how much of the utilized credit is attributable to the corporation’s activity or that of an assigned corporation. See Schedule P for C Corporations and Schedule C for S Corporations for the total amount of credit utilized in the current year. Combined report groups will need to enter this information in each member’s client after reviewing the combined report. Any line with a calculated credit carryover will proforma to next year.