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Screen 4952 - Investment Interest Expenses (1040)
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Overview
Use this screen to enter information that transfers to Forms 4952, Investment Interest Expense Deduction.
A custom paragraph may be included to report the amount of any investment interest expense carryover in the transmittal letter. To select this custom paragraph on a client basis, select custom paragraph
Investment int exp C/O (TL)
from one of the Paragraph Description
fieldviews in the Letter screens. To select this custom paragraph to print for all clients when applicable, choose Setup and then 1040 Individual, select the Letters & Emails button in the Federal tab, select the Custom Paragraphs tab, and mark the Investment int exp C/O (TL)
box. For additional information, see Custom paragraph FAQs.Form 4952 - Investment Interest Expense Deduction
Use this section to enter Form 4952 information. Note that you can enter amounts for both regular and AMT calculations. If the AMT fields are left blank, UltraTax CS assumes that these amounts are zero.
note
To force Form 4952 to print if it has data and whether or not it is required, choose Setup and then 1040 Individual. Select the Federal tab. Select the Tax Return button in the Collation group box. Select the
Pages that can be forced to print
option in the Focus group box at the top of this dialog. Choose the collation (Government, Client, or Preparer) that you want to modify. Choose Form 4952, then mark the Always if data
option. Select OK when done. For more information on the filing requirements for Form 4952, see the "Who Must File" section of the form instructions.Adjust line... / Adjust line... / Adjust net... investments
Use these fields to adjust the calculated amounts for lines 4a and 4d on Form 4952 and net capital gain from investments, which is used in Form 4952 calculations.
note
To include eligible capital gains in investment income, use the
Elected capital gain/qual divs to include in investment income (Force)
fields to ensure the proper calculation of tax using the Schedule D tax worksheet.Line 4e election amount (Force)
Enter the part of line 4e that you elect to attribute to line 4g. Do not enter less than the excess of line 4g over line 4b. This amount will be reported to the left of line 4e and will be used in lieu of the amount on line 4e when calculating the tax.
Investment expenses (Force)
Use these fields to override (force) the calculated amount of investment expenses reported on Form 4952, line 5. If no investment expense should appear on Form 4952, line 5, enter
0
(zero) in these fields.Short- / Long-term capital loss (Force)
Capital loss carryover amounts in the CO and K1T-2 screens are automatically included in the calculation for net investment income. To override the capital loss carryover amounts to include in the calculation for net investment income, enter the applicable amounts in these fields.
Elected capital gain/qual divs to include in investment income (Force)
UltraTax CS automatically determines the amount of net capital gain from the disposition of investment property and/or the amount of qualified dividends to include in investment income. The amount of gains and qualified dividends included on Form 4952, line 4g, are only calculated to the extent necessary to deduct all investment interest expenses in the current year. To elect a different amount of net capital gain from property held for investment and/or qualified dividends included on line 4g, enter the applicable amounts in these fields. To force all net capital gains and qualified dividends to be taxed at the reduced capital gain and qualified dividend tax rate, thus excluding the amounts from the calculation of the deduction for investment interest expense, enter
0
(zero) in these fields. Alternatively, enter X
in the Suppress automatic calculation of line 4g qualified dividend/capital gain election
field to prevent the calculation altogether.Elect qualified dividends before capital gains
When UltraTax CS determines the amount of investment income to include in the calculation of the interest expense deduction, the amount on Form 4952, line 4g is first attributable to net capital gain from property held for investment (line 4e) then to qualified dividends (line 4b). To elect to treat the amount on line 4g as first attributable to qualified dividends, enter
X
in this field. Marking this field may be beneficial for returns filing Form 1116, Foreign Tax Credit, as the tax after credits may be lower in certain scenarios.Suppress automatic calculation of line 4g...
Enter
X
in this field to suppress the automatic calculation of gains and/or qualified dividends included on Form 4952, line 4g. UltraTax CS automatically determines the amount of net capital gain from the disposition of investment property and/or the amount of qualified dividends to include in investment income. The amount of gains and/or qualified dividends included on Form 4952, line 4g, are only calculated to the extent necessary to deduct all investment interest expenses in the current year.