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Screen 1098C - Contributions of Motor Vehicles, Boats, and Airplanes (1040)
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Overview
Use this screen to record contribution information from Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes. The information entered in this screen transfers to Schedule A and/or Form 8283, if applicable. Data may be entered in the A, 8283P1, or 8283P2 screen. Do not enter the same item in both places.
note
Fields with a plus sign (+) at the end of the field name are not used in the tax return, but are available for the Data Mining feature in UltraTax CS. You do not need to enter information in fields marked with a plus sign unless the data in the field will be used for data mining purposes. UltraTax CS will transfer data to these fields from the Source Data Entry utility.
Source data entry
The UltraTax CS Source Data Entry utility enables you to enter data on facsimile versions of forms your clients submit for the preparation of their tax returns. Once the facsimile forms are completed, you can export the data and transfer it into your client data files via the data sharing feature. For more information including a list of available facsimiles, see UltraTax CS Source Data Entry overview.
1098-C Facsimile
Use this section to enter the contribution information directly from Form 1098-C, or, if Form 1098-C was not provided, from the equivalent contemporaneous written acknowledgement. If the taxpayer received more than one Form 1098-C or equivalent contemporaneous written acknowledgement, enter the contribution information in additional units of this screen.
Fields not used in tax preparation
The fields that have a plus sign (+) at the end of the field name are not used in the tax return, but are available for the Data Mining feature in UltraTax CS. You do not need to enter information in fields marked with a plus sign unless the data in the field will be used for data mining purposes. Data will be shared to these fields from the Source Data Entry utility.
Information below is reported on contemporaneous acknowledgement other than Form 1098-C
Enter
X
in this field if the donee organization provided an equivalent contemporaneous written acknowledgement for the donated property instead of Form 1098-C, Contributions of Motor Vehicles, Boats and Airplanes (Copy B). When this box is marked, UltraTax CS will automatically mark the Suppress printing Form 1098-C Copy B
field, and the Vehicle identification number (VIN) entered in box 3 will print on Form 8283, page 1, Part I, line 1(b) (indicating that Form 1098-C is NOT attached to the return).note
Electronic Filing Note:
If the return is being filed electronically, and Form 8283 includes information for a donated vehicle, the contemporaneous written acknowledgement must be attached to the return, either via PDF attachment, or via a separate paper document attachment filed with Form 8453. To attach a PDF copy of the contemporaneous written acknowledgement, complete the following steps:- ChooseEdit and then Electronic Filing Attachments.
- Select the Add button.
- In the “Add attachment to” box, chooseFederalin the Product menu andTax Returnfrom the Return menu.
- In the Attachment title menu chooseDoneeOrganizationContemporaneousWrittenAcknowledgement, and replace the “” text with the name of the donee organization.
- In the Attachment file source box, specify the file to be attached by either manually typing the location, or clicking on theBrowsebutton.
To specify a paper document attachment Form 8453, enter 1 Yes (in ERO’s possession) or 3 Yes (in taxpayer’s possession) in the Form 1098-C field in the 8453 screen, and attach the donor documentation to Form 8453.
Contemporaneous written acknowledgement detail
If the taxpayer is submitting an equivalent contemporaneous acknowledgement with the e-file for a donated vehicle, instead of Form 1098-C (Copy B), use this statement to enter any additional detail you wish to be included in the electronic file. If all of the information reported on the contemporaneous written acknowledgement has been entered in all applicable 1098C screen fields, no additional entry is required for this statement.
Gross proceeds from sale
Enter the total gross proceeds received from the sale of the vehicle, boat, or airplane. This information is used to determine the overall allowable deduction (before AGI limitation).
Donee certifies that vehicle will not be transferred for money, other property, or services...
When this box is marked, UltraTax CS calculates a deduction (before AGI limitation) equal to the vehicle's fair market value entered in the
Fair market value on date of contribution
field.Donee certifies that vehicle is to be transferred to...
When this box is marked, UltraTax CS calculates a deduction (before AGI limitation) equal to the vehicle's fair market value entered in the
Fair market value on date of contribution
field.Value of goods and services provided in exchange for the vehicle
Enter the value of any goods and services provided in exchange for the vehicle donation. The allowable charitable deduction (before AGI limitation) is reduced by the amount entered in this field (unless box 6c is marked).
Under the law, the donor may not claim a deduction...
When this box is marked, UltraTax CS calculates a deduction equal to the smaller of $500 or the vehicle's fair market value entered in the
Fair market value on date of contribution
field.Other Information for Donated Property
Reporting method
Enter
1
to indicate that the donation should be reported on Form 8283, page 1 (contributions of $5,000 or less). Enter 2
to indicate the donation should be reported on Form 8283, page 2 (contributions over $5,000).Contribution type
Indicate the type of property contributed using the codes listed in the corresponding fieldview. If you do not choose a type, UltraTax CS defaults to
Subject to 50 percent limitation
for the type of property contributed.Type of property
Use this field to indicate the type of property donated. UltraTax CS uses the code entered to mark the appropriate box on Form 8283, Page 2. The available codes are listed in the corresponding fieldview.
note
Per Form 8283 instructions, boats and airplanes are considered vehicles.
Vehicle mileage on date of contribution
Enter the approximate vehicle mileage on the date the vehicle was donated. UltraTax CS includes this information in the description that prints on Form 8283, Page 1, line 1(c).
Date acquired by donor
Enter the approximate date the property was acquired by the donor.
How acquired by donor
Enter a code to indicate how the property was acquired by the donor. The available codes are listed in the corresponding fieldview. If you do not choose a code, UltraTax CS defaults to
Purchase
for the method of acquisition on Form 8283.Donor's cost or adjusted basis
Enter the cost or basis of the donated property in this field. If the donor has no basis, you can enter zero in these fields.
Fair market value on date of contribution
Use this field to enter the fair market value of the property on the date the property was donated. UltraTax CS uses the amount entered in this field to calculate the allowable deduction (before AGI limitation).
Method used to determine FMV
Use this field to report the method used to determine the fair market value of the property on the date of donation. The available codes are listed in the corresponding fieldview. If you do not choose a code, UltraTax CS defaults to
Sales, comparative
for the method used to determine the FMV.note
- If the fair market value is less than $500, columns (e), (f), and (g) are not completed for the respective donation on lines A through E of Form 8283, Part I. This is in accordance with IRS Form 8283 instructions.
- To force columns (e), (f), and (g) to print if they have data and whether or not they are required, choose Setup and then 1040 Individual, select the Other Return Options button, select the Return Presentation tab, and in the Other group box, mark thePrint Form 8283 columns (e),(f) and (g) if not requiredbox.
If other
If you entered code
O
in the Method used to determine FMV
field, enter the other method here. UltraTax CS prints the information in column (i) for a given donation on lines A through E of Form 8283, Part I.Deduction code
Enter the deduction code. This code determines in which field UltraTax CS places the contribution amount on Form 8283, Page 2. The available codes are listed in the corresponding fieldview.
Contribution amount
Use this field to enter the amount of the contribution. When this field is blank, UltraTax CS uses the amount entered in the
Fair market value on date of contribution
field, for calculating the allowable deduction.Deduction amount for Schedule A (Force)
Enter an amount in this field if you want to override (force) the calculated charitable contribution deduction amount to appear on Schedule A.
Suppress printing Form 1098-C Copy B
Mark this box to suppress the printing of Form 1098-C Copy B. Form 1098-C Copy B is completed automatically based on the information entered in the 1098C screen. Form 1098-C Copy B must be attached to the return in order to take a deduction for the contribution of a qualified vehicle with a claimed value of more than $500. You may wish to suppress the printing of Form 1098-C Copy B if you plan to attach the original Copy B submitted to you by the taxpayer.
Explanation if reduced FMV
Use this field to provide an explanation when the donated property is reported at a reduced fair market value.
State Use
For Indiana returns, information on this screen is not used by the 1040-Indiana program. If the contribution qualifies for the Indiana Schedule CC-40 credit for contributions made to Indiana colleges and universities, enter UltraTax CS information in the INCr screen. If you enter
24
in this field, the 1040-Indiana program displays a reminder diagnostic message if no amounts are entered in the statement for Schedule CC-40 detain on the INCr screen.