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1120 Returns

2023 1120 Form 3800 Information

Form 3800 has undergone significant revisions for the 2023 tax year, impacting the 1120 tax application process. You must now manually review and enter current year credit amounts from each credit form into the designated grids in
Part III of Form 3800
, accessible by going to Organizer, then Credits, then General Business Credit. These inputs will automatically populate Part V, which is essential for both print and e-file submissions, as it must include detailed IRS-required information.
For each credit, there are mandatory fields in Part III that may need to be completed, such as the EIN and any elective payment or transfer registration numbers. Direct overrides in Part III should be avoided unless absolutely necessary, and the "Number of items" should not require overrides, as the system counts each entered item. Part V will display in print when at least two items are entered for a credit, and for e-file purposes, all items are included even if a single item is entered. Overriding amounts can lead to discrepancies between Parts III and V.
For
Form 1120S
, grid inputs are limited to the 11 credits in Part III that involve credit transfer or elective payment amounts. Enter carryback and carryforward data in Organizer, then Credits,
General Business Credit Parts IV and VI
. Although the Carryforward of Unused Credits folder is available for reference, it should not be used for data entry. Part IV requires a grid input for each credit line, and Part VI requires detail for print only if multiple items are present. However, all items are reported for e-file. The e-file schema necessitates a 4-digit year input, and totals from the grid will flow to Part IV automatically. Additional mandatory inputs for Part IV include the EIN and the non-passive box if applicable.
Please note that development on Form 3800 is ongoing, and further changes may be implemented after the April 15 deadline. Stay informed of any updates to ensure compliance.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax Express RS
  • Return type: 1120 Corporation
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