Screen IA133 - Iowa New Jobs Credit (1040)

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Overview

Use this screen to calculate Form IA 133, New Jobs Tax Credit Worksheet. New Jobs Credit Worksheet is a multi-unit form. UltraTax/1040-IA automatically transfers this information to Part I of Form IA 148, Tax Credits Schedule using code
8
. No credit is calculated when the increased employment percentage on line 5 is less than 10.0 percent.

General Information

Taxpayer or Spouse
Assign the credit to either the taxpayer or the spouse. UltraTax CS defaults to taxpayer when no selection is made.
Credit from pass-through entity
Mark this box when the credit is from a pass-through entity. A separate unit must be used to report each credit received from a pass-through entity.
Certificate number
Enter the 12 digit certificate number.
Base employment level
The employment level listed for the 260E agreement. This is base amount used to determine if the 10% threshold has been reached for the tax credit.
Employee listing for new jobs directly resulting from the project
Enter the employee information required for Schedule A, Page 2.
Employee listing for new jobs directly related to new jobs from the project
Enter the employee information required for Schedule B, Page 2.
Start year
Enter the year the credit started.
Carryforward
If the prior year return was not prepared in UltraTax/1040-IA, enter any carryforward credit here. Prior year amounts proforma to this field.

Pass-through Entity Credit

Enter entity information in this section for a credit received from a partnership, S Corporation, estate or trust. UltraTax/1040-IA automatically transfers the information entered here to Part IV of Form IA 148, Tax Credits Schedule. Each pass-through entity with a new jobs credit must be entered separately on an additional input screen.
Name of entity
Enter name of pass through entity.
Federal identification number
Enter federal identification number of the pass through entity.
Amount of credit
Enter the credit amount reported on the Iowa K-1.

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