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Federal input screens

Screen 8609A - Annual Statement for Low-Income Housing Credit (1040)

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Overview

Use this screen to enter information for the Low-Income housing credit for Form 8609-A. Information entered here to calculate Form 8609-A will also transfer to Form 8586. A separate
8609A
 screen should be completed for each building.
The
8609A
 screen is available in the Business, Rent & Royalty, Farm, and Farm Rental folders. This screen is also available in the Credits folder for miscellaneous, non-activity related credit data entry. The application completes the
Form/Schedule
,
Unit#
 and
Description
 fields from the information for the individual activity.

General Information

Enter general information to complete Part I of Form 8609-A.
Unit
The application automatically enters the next available number and uses this information to gather and coordinate information for the business unit activity.
Building Identification number
Enter the building identification number for Part I, Item A. This is a mandatory field for the form to calculate.
Year building placed in service
The application uses this field to determine if the credit calculated of Form 8609-A should flow to Form 8586 Part I or Part II. This is a mandatory field for the form to calculate.
Building type
Enter the building type for Part I, Item B.
Taxpayer has original 8609 or copy
Enter
X
 to select yes on Part I, Item C.
Building qualified as part of low-income housing project and met requirements of section 42 as of the end of the tax year
Enter
X
 to select yes on Part I, Item D.
Entire credit has been claimed in prior tax years
This field is only applicable when answering “No” to Part I, Item E. If the entire credit has been claimed in prior years and “No” is marked on Form 8609-A, Item E, then Part II of the form won't be completed according to Form 8609-A instructions.
There was a decrease in qualified basis of the building for the current tax year
Enter
X
 to select yes on Part I, Item E.

Computation of Credit

Enter information about the building to complete Part II of Form 8609-A.
Eligible basis of building
Enter the basis for Part II, line 1.
Low-income portion
Enter the percentage of the building that qualifies as the low-income portion. The percentage will be carried out to four decimal places and will appear on Part II, line 2.
Imputed qualified basis of zero
Enter
X
 if Part II, line 3 should have an imputed qualified basis of 0.
Part-year adjustment for disposition or acquisition during tax year (Line 4)
If an adjustment is needed due to disposition or acquisition during the year, enter the amount here that was calculated in accordance with the Form 8609-A instructions. This figure populate Part II, line 4 of the form.
Credit percentage
Enter the percentage for Part II. Line 5.
Additions to qualified basis
Enter an additions needed for Part II, line 7.
Part-year adjustment for disposition or acquisition during tax year (line 8)
If an adjustment is needed due to disposition or acquisition during the year, enter the amount here that was calculated in accordance with the Form 8609-A instructions. This figure populates Part II, line 8 of the form.
Section 42(f)(2)(B) modification
Enter the amount for Part II, line 11.
Percentage for disallowed credit due to federal grants
Enter the amount for Part II, line 14.
Credit allowed for building for tax year (Force)
The application calculates Part II, line 15, as the difference between line 13 & line 14. Enter an amount in this field to override the calculated amount.
Taxpayer’s proportionate share of credit (Force)
The application calculates Part II, line 16, as equal to line 15. Enter an amount here to override that amount.
Adjustment for deferred first year credit
Enter the amount for Part II, line 17.

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